News

28 May 2008

NLMK anti-dumping duty lifted

Novolipetsk Steel (LSE: NLMK) is pleased to announce that, as of May 23 2008, the EU resolution on the annulment of the 2005 11.5% anti-dumping duty on transformer steel became effective. The obligation to control minimum prices for products delivered to EU customs territory was also cancelled. These resolutions were adopted following the revision of duty terms where the Company proved to the European Commission its strict fulfillment of fair competition obligations among the Russian transformer steel producers NLMK (main production site in Lipetsk) and VIZ-Stal. The cancellation of the anti-dumping procedures enables these Russian transformer steel producers, for the first time since 1995, to supply their products without restrictions to EU countries where it is in high demand