Russia’s Severstal to split business, eyes M&As
Severstal, Russia’s largest steel maker, is splitting its business into three divisions and considering further acquisitions in North America, Europe and Africa, senior company executives said on Monday.
By TNN |
MOSCOW: Severstal, Russia���s largest steel maker, is splitting its business into three divisions and considering further acquisitions in North America, Europe and Africa, senior company executives said on Monday. Severstal, majority owned by billionaire Alexei Mordashov, will create three separate divisions from this month to focus on its Russian steel operations, its international companies and its raw-material assets, mainly coal, iron ore and gold.
���The simplified, more focused structure will serve to improve our competitiveness, increase production, cut costs and maximise profit,��� said Mordashov, Severstal���s chief executive and ranked the world���s 18th-richest man by Forbes magazine.
Severstal operates Russia���s second-largest steel plant and its expansion into North America has moved the company into the top five US steel makers by capacity. It also owns steel assets in Italy. Anatoly Kruchinin, chief executive of the Cherepovets Steel Mill, has been appointed CEO of Severstal Russian Steel.
���The simplified, more focused structure will serve to improve our competitiveness, increase production, cut costs and maximise profit,��� said Mordashov, Severstal���s chief executive and ranked the world���s 18th-richest man by Forbes magazine.
Severstal operates Russia���s second-largest steel plant and its expansion into North America has moved the company into the top five US steel makers by capacity. It also owns steel assets in Italy. Anatoly Kruchinin, chief executive of the Cherepovets Steel Mill, has been appointed CEO of Severstal Russian Steel.
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