The Russian steelmaker Novolipetsk Steel (NLMK) is currently utilizing 85 percent of its capacity, up from 55 percent at the end of 2008, NLMK chairman Vladimir Lisin has said.
Regardless of the fall of prices and decrease of demand in the fourth quarter of 2008, NLMK does not plan job cuts, added Mr. Lisin. NLMK employs a total of 100,000 people.
Moreover, according to the NLMK chairman, demand for steel products in the Russian domestic markets is still extremely low, and most steel products, about 70-85 percent, are exported. However, Mr. Lisin stated that in his opinion the revived demand in China will start to decline after one to one and half months. Thus, regardless of the sizeable increase in NLMK's production capacity utilization at the beginning of the current year, Mr. Lisin reserves his forecasts for the whole of 2009.