MOSCOW, October 20. /TASS/. Severstal has improved its forecast for the decline in metal consumption in Russia in 2026 from 7% to half a percent, according to the company’s CEO Alexander Shevelev.

"The situation in the industry remains challenging. Following a sharp drop in metal consumption in Russia in 2025 by around 14% the market has not yet managed to recover those lost volumes in 2026: demand only added about 1% in the first nine months year-on-year. Taking into account the partial realization of pent-up demand in the third quarter, we have improved our forecast for 2026: from -7% to around -0.5%," he was quoted as saying in Severstal’s report.

The company expects a seasonal cooling in demand in Q4, the chief executive added. The market remains below pre-downturn levels.

Severstal is a vertically integrated steel and mining company and one of Russia’s largest steel producers. The Cherepovets Steel Mill is the company’s key asset. Its production capacity roughly totals 12 mln tons of steel per year. Alexey Mordashov who holds around 77.03% of shares, is the main shareholder of Severstal.