Russia and the European Union agree on steel quota
According to recent news in the market, Russian government and the European Union (EU) on Friday agreed on steel quota that will be allocated for Russian steel producers in 2005 and 2006.
Russia and the EU have agreed on export of 2.217 million tons of steel products by the Russian steel producers to the EU in 2005. The quota allocated to
Russia in 2004 was 1.8 million tons. Moreover, it was also determined that the quota for Russian steel producers will be increased by 2.5% to 2.273 million tons in 2006. The deal will expire on December 31, 2006 or until
Russia joins the World Trade Organization (WTO).
The agreement has not been signed yet however Russian officials stated that the agreement may be signed at the end of first quarter of 2005.