Russian steelmaker Severstal says it may shut down due to falling demand and economic slowdown

Alexander Shevelev, Severstal's managing director, said falling demand for steel, caused by the slowdown in construction work and the economy in general, could lead to the closure of production facilities. Domestic demand could fall 10% this year and steel prices are at historic lows. Russia is facing signs of recession and the central bank could loosen monetary policy to support the economy.