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    Severstal steel production grows 2.3% in 2006 to 11 mln tons

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    Severstal [RTS: CHMF] said Monday its steel production grew 2.3% year-on-year in 2006 to 11 million metric tons.

    MOSCOW, January 15 (RIA Novosti) - Severstal [RTS: CHMF] said Monday its steel production grew 2.3% year-on-year in 2006 to 11 million metric tons.

    Russia's second largest steelmaker said in a press release: "The results were largely achieved through the completion of some large investment measures in the second half of 2006, which boosted output and ensured the manufacture of new types of high added-value products that are in demand on various industrial markets."

    Last year Severstal sought a merger with the world's second-largest steelmaker, Arcelor, but the deal, signed May 26, fell through when it was rejected by Arcelor shareholders, to clear the way for a takeover of the Luxembourg-based company by the world's leading steel producer, Mittal Steel.

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