Annual Report & Accounts 2013
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Severstal Russian Steel

Severstal Russian Steel is a leading Russian steel producer, with a broad product mix, self-sufficiency in raw materials and an extensive distribution network. We focus on high value-added flat steel products and production of long products for construction and the downstream sales.

Our downstream assets include the production of large diameter pipes and metalware for machinery, as well as service centres and stamping facilities for exposed automotive parts. The division has the highest share of high value-added products among its domestic peers, while our flagship Cherepovets Steel Mill is one of the lowest-cost steel mills in the world.

Located in north-west Russia, the division’s steel operations enjoy convenient rail access to the Company’s mining operations and low-cost direct river access to the Baltic ports, as well as being well positioned to serve the industrial hubs around Saint-Petersburg and Moscow.

Revenue in 2013 (US$ million)

EBITDA in 2013 (US$ million)

CEO statement

Our strategic goal remains the same: we aim to be a leader in value creation. In the current volatile and challenging market environment, this means the ability to generate solid positive free cash flow throughout the market cycle.

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Chairman statement

Since listing we have been committed to the highest standards of corporate Governance and aim for full compliance with the UK Corporate Governance Code.

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Performance review 2012

Severstal achieved a solid set of results in 2012, despite worsening economic conditions, maintaining the Group’s EBITDA margin at 15.0%, reflecting the resilience of the business.

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Performance review 2012 - Severstal Russian Steel

Russian steel producers enjoy a unique advantage over their global peers, in that the country is strong in iron ore, coking coal and primary energy, making vertical integration, a low cost base, and market resilience all a reality.

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