Russia, EU to sign steel quota deal after mid-August

Russia, EU to sign steel quota deal after mid-August

An agreement regarding steel quota between Russia and the European Union will reportedly be signed after mid-August. Previous reports suggested that the deal would be signed by the end of June. As previously reported by SteelOrbis, the two sides agreed on steel quotas at the end of last year. In line with a draft agreed upon in December 2004, Russia would be allowed to export 2.217 million tons of steel products to the European Union (EU) in 2005. The quota allocated to Russia in 2004 was 1.8 million tons. The 2005 quota for Russia would be divided into 510'000 tons for long products and 1.7 million tons for flat products. Moreover, the quota for 2006 will be increased by 2.5% to 2'273 million tons. Moreover, the deal would expire on December 31, 2006 or until Russia joins the World Trade Organization (WTO). Sources report that an official from the Russia's Economic Development and Trade Ministry (MERT) announced that the agreement had been prepared; however the signing would take in mid or late August."