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The world of <strong>Severstal</strong><strong>Severstal</strong> demonstrated very significant growth prior to the globaleconomic slump in the last quarter of 2008. Now our strategy, basedon the understanding that the global steel industry should experiencesubstantial downsizing in the next few years, is to adjust production to thenew levels of demand.Our position of low cost producer in Russia, with more efficient, lean assetsin the US and Europe, will make <strong>Severstal</strong> one of the most attractiveinvestment propositions when markets return to growth.18 19

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