Severstal expects depend drop this year — CEO

ST. PETERSBURG, June 5. /TASS/. Severstal expects a decrease in demand of about 7-9% in 2026 due to the economic cooldown against the high key rate and due to the strengthening of the ruble, which makes imports more affordable, CEO of the Russian mining and metals company Alexander Shevelev said in an interview with TASS at the St. Petersburg International Economic Forum (SPIEF).

"We expect a decrease in demand of about 7-9% in 2026 amid all these factors. However, again, forecasts may be revised later. Over a longer period, we certainly assume that demand will grow," he said.

Shevelev also noted that in 2027, under certain favorable conditions, a recovery in demand in the Russian Federation can be expected. However, these forecasts should be approached with caution as the situation remains extremely uncertain and can change quite rapidly, he stressed.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy. The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.