No big spending on tap: Severstal's Mordashov
Oct 08, 2013 | 12:23 PM
| Catherine Ngai
SAO PAULO OAO Severstal will remain cautious amid an uncertain global steel environment marked by overcapacity, and is unlikely to make any major investments in the near term, according to its top executive.
"Its probably not the right time for any ambitious investments. Our focus is now inward and looking to see how we can improve our current facilities," Alexey Mordashov, chief executive officer of the Moscow-based steelmaker, told AMM during the World Steel Associations annual conference in Sao Paulo. "We have to be very prudent about our investments and we arent planning on any big investments abroad. We need to be prudent, careful and preserve strength in our operations."
Russias second-largest steelmaker said earlier this year that it was withdrawing from the Amapa iron ore project in Brazil, in which it owned a 25-percent stake, due to unattractive market conditions, although Mordashov affirmed that mining will be a "long-term attractive segment."....
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