Support The Moscow Times!

Steel Market Growth Slowing

Alexei Mordashov, chief executive and owner of 82 percent of Severstal, expects the rise in world steel demand to slow in line with Chinese economic growth, Kommersant reported Wednesday.

Mordashov reiterated that the company plans to invest from $1.5 billion to $2 billion in its assets this year. "We don't expect [steel] consumption to decline, but we expect slower consumption growth … We hope that China will sustain high growth rates, more than 8 percent to 8.5 percent, [but it could be] between 9 percent to 9.5 percent," he was quoted as saying.

Mordashov said his expectations were based on an assumption that China's economy would grow this year by up to 9 percent.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.