Russian steel and mining company Severstal's crude steel production decreased by 2 percent in the first quarter of 2017, compared to the fourth quarter of 2016, the company announced on Thursday.
The Russian company said that its steel product sales also decreased by 9 percent to 2.53 million tonnes in the first quarter of 2017, compared to the last quarter of 2016.
The company noted that following record fourth quarter sales in 2016, it replenished inventories to normal levels and accumulated finished goods stocks for subsequent realization in 2017. It also increased export sales in response to weaker domestic demand and lower activity from local traders.
Severstal is Russia's fourth largest steelmaker and has more than 50,000 employees.
By Murat Temizer