MMK to increase steel exports to EU next year
Russian steelmaker Magnitogorsk Iron & Steel Works (
MMK) will reportedly boost steel exports to the European Union (EU) in 2006, following the steel quota deal that was recently signed between Moscow and the EU.
As previously reported by SteelOrbis, the agreement signed last week will allow
Russia to export 2.2 million tons of steel products this year, against the quota of 1.8 million tons last year. Moreover, the quota allocated for
Russia's steel exports will be increased by 2.5 percent in 2006.
The agreement will be remain in effect until December 31, 2006, or until
Russia joins the World Trade Organization (WTO).
MMK, who exports almost half of its products, is
Russia's biggest steel exporter.