Germany-based steelmaker Salzgitter Group has announced that any loss to be stemmed from the cancellation of the South Stream pipeline project will be covered by credit insurance.
EUROPIPE, Salzgitter's 50/50 joint venture with AG der Dillinger Huttenwerke, was supposed to supply 450,000 mt of steel pipes for the South Stream project.
Earlier this week, Russia announced its decision to abandon the pipeline project which was to transport natural gas from Russia to Europe without crossing Ukraine.