Due to the economic slowdown, Russia’s steel consumption fell by 15% in the first quarter

Golden Ten Data reported on April 21 that, according to Severstal, Russia’s largest steel manufacturer, Russian steel consumption continued to decline in the first quarter due to the economic slowdown. “The situation in the industry remains tough,” CEO Alexander Shevelev said in a statement on Tuesday. “Russia’s steel demand is continuously falling, with consumption in the first quarter of 2026 dropping by 15% year-on-year.” This decline exceeds the 14% decrease recorded for the whole of 2025. The current state of Russia’s steel industry reflects the overall cooling trend in the country’s economy. Last year, Russia’s economic growth rate recorded its first decline since 2022. The Bank of Russia has maintained relatively high interest rates to curb inflation, and the inflation issue has put pressure on businesses.