Source Pravda.Ru

Severstal begins production of metal slabs

Severstal has begun producing metal slabs, unprecedented in Russia. As the company press office announced yesterday, 1.4 thousand tonnes will be produced by the end of this year although it is expected that annual production will rise to 60 thousand tonnes by 2006.

The slabs can have a thickness of up to 30 cm. They are in demand among heavy industrial and nuclear enterprises as well as the military-industrial establishment. Previously these companies had had to buy lower quality slabs or import them, according to the Severstal press office.

Severstal (Vologda Region) is one of the largest Russian producers of steel and other metals and is the parent enterprise of the Severstal-group. The company's authorised capital stock totals only USD 181,500 while net profit over the first quarter of 2003 came to USD 142 million.

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