Russian steelmaker Severstal may cut its 2027 investment programme by 24% to around 85 billion roubles ($1.1 billion), following an identical cut already made to its 2026 budget. Russian steel demand has fallen 30% from 2023 levels, driven by high interest rates, Western sanctions, & weak activity in construction and manufacturing. Owner Alexei Mordashov warned in June that investment cuts would continue after the company's cash flow turned negative and net profit fell 78.6% in 2025.