Severstal's Mordashov Hopes Steel Has Hit Bottom

Billionaire Alexey Mordashov, owner of Russian steelmaker Severstal PJSC, hopes prices for the metal have stopped falling after reaching a 12-year low as the industry is forced to shut down unprofitable operations that are running way below capacity. "We hope that we are at the bottom," Mordashov told Bloomberg Television in Turkey. "Nobody can be certain, but we see relatively low capacity utilization rates globally, below 70 percent." It’s "very, very challenging for the vast majority of companies."

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