Severstal’s Head offers world steel makers to come to agreement on production decline

The General Director and main owner of Severstal Alexei Mordashov in interview to the Financial Times has called Chiefs of the largest world steel-smelting companies to develop and conclude a global agreement on limitation of steel smelting and stoppage of excess capacity.

“We will be doomed to relegation battle without solving problem of ratio between demand and supply, without optimization of the sector, - Mordashev said. – The surplus of capacities is a complicated problem for our industry in global scale, a deep crisis, like the one in the USA 10-15 years ago, threatens us without its solving – then every fourth steel-smelting enterprise became bankrupt”.