In the early 1930s, deposits of iron ore were discovered on the Kola Peninsula, while significant reserves of coal were identified in the Pechora region.[4] These discoveries enabled the establishment of a steel industry in northwestern Russia.
In 1940, the Government of the Soviet Union issued a resolution entitled "On the Organisation of Steel Making in the North-West of the USSR", authorizing the construction of a steel mill in Cherepovets, a city strategically located on the Leningrad–Ekaterinburg railway and the Volga–Baltic Waterway. Construction of the Cherepovets Steel Mill began shortly thereafter.
In 1947, construction of the facility was completed, and on 24 August 1955 at 15:25, the mill was officially commissioned. Over the following decades, Cherepovets developed into one of the key steel production centres in the Soviet Union.
On 24 September 1993, a decree by the President of Russia, Boris Yeltsin, transformed the state-owned Cherepovets Iron and Steel Complex into Severstal, an open joint-stock company.
2004–2011: International expansion and acquisitions
In 2004, Severstal North America was established following the acquisition of all steelmaking assets of Michigan-based Rouge Steel.
In April 2005, Severstal purchased a 19.9% stake in the European steel producer Gruppo Lucchini. The company was listed on MICEX SE in June 2005.
In March 2006, Severstal made an offer to acquire French conglomerate Arcelor.[5] The bid was ultimately unsuccessful after Arcelor was acquired by Mittal Steel Company in June 2006.
Also in April 2006, Severstal and Arcelor inaugurated the Severgal joint venture (75% Severstal; 25% Arcelor).[6] During the same month, Severstal acquired British wire producer Carrington Wire.[7]
Developments since 2013
On 11 February 2013, an explosion occurred at the Vorkutinskaya mine in the Komi Republic, resulting in the deaths of 18 miners.[10]
In March 2012, the company completed its separation from Nord Gold.[11]
In 2014, Severstal divested its remaining U.S. steelmaking assets, selling its Dearborn, Michigan, and Columbus, Mississippi, facilities for a combined US$2.3 billion.[12]
In 2017, Severstal sold Redaelli Tecna and acquired the debt of the Yakovlevsky mine.[13]
In December 2021, as part of its decarbonization strategy, Severstal agreed to sell "Vorkutaugol" to Russkaya Energia LLC for 15 billion roubles.[14]
