Russia's Steel Consumption Declines Amid Economic Slowdown

Russia's largest steel manufacturer, Severstal, reports a further decline in steel consumption during the first quarter due to the economic slowdown. According to Jin10, Severstal's CEO, Alexander Shevelev, stated on Tuesday that the steel industry's situation remains challenging, with Russian steel demand continuing to fall. Consumption in the first quarter of 2026 decreased by 15% compared to the same period last year, surpassing the 14% decline recorded for the entire year of 2025. This downturn in the steel sector mirrors the broader cooling trend in Russia's economy. Last year, Russia experienced its first economic growth slowdown since 2022. The Russian central bank has maintained high interest rates to curb inflation, which has exerted pressure on businesses.