Russia unwilling to extend steel trade agreements with US

Russia unwilling to extend steel trade agreements with US

According to recent statements by the authorities, Russia is not willing to prolong its agreements with the United States on steel trading. The steel trade agreements currently in force are expiring in 2004 and the Russian Deputy Minister of Economic Development and Trade Maxim Medvedkov has recently expressed that these agreements will not be extended as per the procedures Russia had today. It is understood that Russia is seeking to act freely in trading with the US, whereas the suspension agreements required any steel product export only within the given quota limits and prohibited imports of hot rolled products below a previously set price level. The warning is that the Russian exporters should handle the situation carefully after the expiry of the suspension agreements with their sales into the US, in order not to lead to any further restrictions to be imposed by the country.