Severstal, one of Russia's largest steelmakers, forecasted that steel demand in Russia might fall by 1% in 2023. However, if automotive and mechanical engineering companies increase production and the construction market can receive support from large infrastructure projects, the situation of the Russian steel market might change.

According to the company's statistics, in 2022, Russia's steel consumption dropped by 3% to 43.2 million tons. Steel consumption in the construction sector dropped by 4% to 33.1 million tons.