Severstal produced 2.36 million tonnes of hot metal in the fourth quarter of 2019, down 4% on the previous quarter. Crude steel output was down 10% to 2.7Mt.

Maintenance at Severstal's blast furnace facilities and the sale of the Balakovo mini-mill in the previous quarter impacted production.

Consolidated steel sales declined 6% to 2.65Mt.

However, iron ore pellet sales grew 14% to 2.81Mt, mainly due to higher production at Karelsky Okatysh. But iron ore concentrate sales were down 17% to 1.6Mt.

Bank of America Merrill Lynch downgraded Severstal in October, mainly due to concern over Russia downside risks.

However, the steel producer told Mining Journal in November it expected to see the steel market rebalance in Q1 2020.

Moscow-listed Severstal (MICEX: CHMF) shares were trading at 974 roubles on Friday. Its share price was 953 roubles a year ago. The company's market capitalisation is 815.94 billion roubles.