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Severstal eyes up to 15% annual EBITDA growth by 2023

PAO Severstal intends to add between 10% and 15% to its annual EBITDA over the next five years, a company executive said at the St. Petersburg International Economic Forum.

In a May 29 follow-up statement, AO Severstal Management CEO Alexandr Shevelev said the growth would come as a result of operational improvements and customer care initiatives.

"As we already announced, our goal for this year is an additional US$350 million in EBITDA. I stress that this is not a one-off initiative. We are now setting the goal for ourselves of annual EBITDA growth of 10% to 15%, partly thanks to innovation, offering our customers additional possibilities in the form of comprehensive solutions and work with costs," Interfax quoted him as saying at the event.

In 2017, Severstal's hot metal production fell 2% to 9.2 million tonnes, while crude steel production remained stable year over year at 11.7 million tonnes.