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. Last Updated: 07/27/2016

Severstal Output Falls 21% in Q1

Severstal said Wednesday that it produced 21 percent less crude steel in the first quarter than a year ago, joining domestic rivals in cutting output in response to weak demand and lower prices.

Severstal said first-quarter production totaled 3.8 million tons, while average prices for rolled products fell 16 percent year on year to $645 per ton. Crude steel output was up 21 percent from the fourth quarter.

In Russia, the company's first-quarter crude steel production fell to 2.1 million tons, down 35 percent from the year-earlier period. Output at its North American mills rose 89 percent to 1.3 million tons thanks to a series of acquisitions. The company's gold mining operations produced 3,514 kilograms of gold, up 290 percent from the first quarter of 2008.

It did not issue any earnings or production guidance in the statement.