The lowest steel prices in more than a decade mean Russian producers can no longer rely on a weaker ruble for protection.
Russia’s Baltic Sea ports have this year gained popularity among steel companies. The ruble devaluation has spurred exports: Black Sea ports were inundated with requests for more shipments than they could handle. To avoid queues and delays, some mills are leaning more on alternative ports, mainly those in the Baltic Sea. Russian steelmakers also use several ports in the Baltic States outside Russia, most notably Klaipeda in Lithuania, which is especially popular with pig iron producers
NLMK Verona, an Italian based plate production asset of NLMK Europe, has completed the commissioning of upgraded press equipment.
OJSC Novolipetsk Steel, Russia's biggest steelmaker, replaced two 30-year-old underground conveyors at its Stoilensky GOK iron ore mine in record time, boosting throughput at the site's crushing plant by 40% and paving the way for its ambitious iron ore and pellets expansion program, the company said in a Sept. 15 release.
OJSC Novolipetsk Steel's (NLMK's) earnings results took a hit in the second quarter amid fierce import competition and lower prices in the United States.
Russia's biggest steelmaker OJSC Novolipetsk Steel is in discussions to sell off its France-based galvanized steel unit NLMK Coating, CEO Oleg Bagrin confirmed Aug. 5.