Severstal lays out spending plans

Russian steelmaker Severstal yesterday said it would spend $1.3bn (£850m) this year, focusing mostly on its Russian operations. Out of the $1.3bn, it will direct $704m towards its Russian steel business, to spend on projects such as building steel mills and modernising operations across the region. Around $107m will be spent in Severstal’s North America business, and $60m will be put towards the maintenance programme.