Severstal plans to increase Russian market share to 18% in 2023, forecasts output of 11.3 mln tonnes

MOSCOW. Nov 8 (Interfax) - Severstal plans to increase its market share in Russia to 18% by the end of the year, CEO Alexander Shevelev told Interfax, recalling that the company currently supplies around 90% of its products to the domestic market.

Severstal had a Russian market share of 16.6% at the end of 2022.

Guidance for the volume of production is 11.3 million tonnes in 2023 versus 10.7 million tonnes in 2022, Shevelev added. Consequently, the company's production outlook is within the previously announced guidance of 11-11.5 million tonnes.

As reported, Severstal ramped up steel output 5% to 8.35 million tonnes in 9M 2023, and sales of metal products totaled 8.16 million tonnes, unchanged year-on-year.