Russia to remain export-oriented in steel

Thursday, 18 August 2005 16:16:10 (GMT+3)   |  
       

Russia to remain export-oriented in steel

The Russian Economic Development and Trade Ministry reported in its 2006-2008 socioeconomic forecast that the country will remain export-oriented in the coming years. The ministry said that improving the quality and competitiveness of the country's metal products will be one of the focal points of Russia's trading strategy. The report indicates that Russia is expected to export around 30 million tons of finished steel annually in 2005-2008. Finished steel exports account for more than 60 percent of the Russian steel industry's exports in terms of value. The ministry also added that finished steel production will likely to increase 2-3 percent in 2006-2008. The production of sections and bars will drive the growth in output. Novolipetsk Iron & Steel (NLMK), which is one of the most efficient and most profitable steel producers in Russia, exported more than 71 percent of its entire production in 2004. Europe (including Turkey), South East Asia, North America and the Middle East are the main export markets of the company. NLMK, which has expressed an interest in participating in the privatization tender for Turkey's Erdemir, exported 1.2 million tons of steel to Turkey in 2004. 900'000 tons of this was exported to Erdemir.