The imposition of EU duties on hot-rolled metal will not affect Magnitogorsk Iron and Steel Works.
“At present a minimum price of 473 euro per ton is being discussed. If the price is higher, the duty will not be imposed. This price is ok for us. We’re trading at much higher prices, so the duty will not be imposed”, the company economy director Andrey Yeremin said.
MMK has already reoriented rolled metal sales to other markets and put a new galvanizing mill into operation to produce 170 thousand tons of galvanized rolled metal by the end of the year.
“We shall replace hot-rolled coils exports, process them in Russia and sell on the local market as galvanized coils. That’s some 370 thousand tons of galvanized metal in a year, which corresponds to 400 thousand tons of hot-rolled coils, which we will remove from exports”, he added. (Ukrainian metal)