Severstal sales up four per cent

Russian steel miner Severstal yesterday celebrated “healthier market conditions” as it announced a four per cent annual rise in consolidated sales of steel to 15.1m products in its operational results for last year. The Moscow-listed company, whose global depository receipts – known as GDRs – are traded on the London Stock Exchange, said the “overall pricing environment was favourable”. The GDRs were at $9.02 yesterday, down 1.58 per cent.