Russia - Latest news GMK Center

The company has already found potential buyers for its Russian asset

In 2022, steel production in the Russian Federation decreased by 7.2%, and steel consumption – by 5%

The decline in export sales was less than the markets had expected

The export of concentrate fell by 8.5 times y/y, and pellets – by 3.7 times y/y

The sale of the company is likely due to pressure from the Romanian authorities to protect the industry from Russian business

The sanctions came into force on January 9, 2023. Steel products must be returned from the border, abandoned or confiscated

The raw material, which belongs to a citizen of the Russian Federation, was located in several seaports of Ukraine

Rolled steel production at the mill was suspended due to problems with the unit

Exporters from India, Turkiye and the Russian Federation are more active in the MENA market

It is proposed to add a ban on new investments in the Russian mining sector to the ninth package of sanctions

The size of the quota can be reduced to 600 thousand tons from 1.45 million tons, which is valid until the end of 2022

Due to the loss of Western customers, seizure of property and account balances in Europe, the company's income decreased