Russian steelmaker Novolipetsk Steel (NLMK) has worsened its 2017 domestic demand growth forecast to 1-1.5% from 2.5%, CEO Oleg Bagrin reported on June 21 on the sidelines of the Russia Calling business forum.
“We expect demand for steel to grow by 1-1.5% in 2017. We adhere to this forecast and so far we have seen nothing that may improve it,” he said, adding that the current year was unusual as a typical spring increase of demand was delayed. “We see some sort of improvement in consuming industries only now, in June, and it is happening in the construction industry in the first place. This may even cut final growth for the year as the season had started later than usual. We are not over optimistic about that.”
In 2016, NLMK raised its steel production by 4% YoY, to 16.64 million tons. (Prime/Ukrainian metal)