Russian metals producers can sustain at least $2 billion losses from a 25% U.S. import duty on steel and about $1 billion from a 10% aluminum duty, Deputy Industry and Trade Minister Viktor Yevtukhov declared.
“Concerning the losses of our companies, tentative estimates show at least $2 billion from the steel duty and $1 billion from the aluminum duty,” Yevtukhov said. “This is because our companies invested in U.S. rolling capacities and use Russian semi-products in manufacturing of end products in the U.S.”
He also said that Russia was considering disputing the measures in the World Trade Organization (WTO), possibly jointly with the other interested countries. China and South Korea have already expressed interest in a collective case.
Retaliation of the U.S. duties is also being considered, Yevtukhov said. (Prime/Ukrainian metal)