Russia, EU to sign steel quota deal early November
Moscow and the European Union (EU) will sign the long-awaited steel quota deal early November, sources report.
Russia's Economic Development and Trade Ministry (MERT) indicated that the new deal will create new opportunities for
Russia to increase its steel exports to the EU, resulting in strengthening in trade relations between the two countries.
As previously reported by SteelOrbis, the EU, in December 2004, agreed to expand the quota allocated for
Russia's steel exports during 2005 and 2006. Accordingly, the quota for Russian exports for 2005 was increased to 2.217 million tons of steel products from 1.8 million tons allocated for 2004. Moreover, the two sides agreed to increase the quota by 2.5 percent to 2.273 million tons in 2006.