Severstal CEO Describes Metallurgical Industry as Facing a Crisis
Severstal views current industry situation as crisis-like, CEO says
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Alexander Shevelev, CEO of Severstal, has characterized the current state of the metallurgical industry as crisis-like, citing a 15% decline in metal product consumption in early 2026 due to economic cooldown and high key interest rates.
- 01Severstal's CEO Alexander Shevelev described the metallurgical industry situation as extremely challenging and crisis-like.
- 02The statement was made during an interview at the St. Petersburg International Economic Forum (SPIEF).
- 03There has been a reported 15% drop in metal product consumption in the real sector during the first quarter of 2026.
- 04The decline in consumption is attributed to the economic slowdown linked to high key interest rates.
- 05Shevelev's comments reflect broader concerns regarding the industry's future amid current economic conditions.
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At the St. Petersburg International Economic Forum, Alexander Shevelev, CEO of Severstal, expressed serious concerns about the metallurgical industry's current state, labeling it as crisis-like. He noted that the economic cooldown, driven by high key interest rates, has resulted in a significant 15% decline in the consumption of metal products in the real sector during the first quarter of 2026. Shevelev's remarks highlight the challenges facing the industry and suggest a need for strategic responses to navigate these difficult conditions.
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The crisis in the metallurgical industry could lead to reduced production and job losses in related sectors.
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