Severstal lowered its 2020 capex forecast by 15% to US $ 1.45 billion, anticipating lower domestic demand as a result of the spread of the coronavirus pandemic.
Severstal CEO Alexander Shevelev said: “We recently decided to suspend some of our 2020 investment projects and change the financing schedule for some of them.”
Severstal expects domestic demand to decline despite growth at the start of the year due to a contraction in gross domestic product and the introduction of tough measures to prevent the spread of the coronavirus pandemic.
Severstal cuts capital investment plan for 2020
There are no comments yet.