Evraz sees fallout of Russia’s steel demand drop in May–Jun

MOSCOW, Apr 16 (PRIME) -- U.K.-based mining giant Evraz Group, forecasts ramifications of a drop in steel demand on its key market, Russia, in May–June, the company said in a statement on Thursday.

"In the near term, we expect domestic steel demand to fall due to the significant economic down-turn that the restrictions imposed due to COVID-2019 are causing worldwide, including in Russia,” the statement said.

“This will, no doubt, affect firstly our construction products sales and then our railway products sales, to a slightly lesser extent."

The influence on exports of the company is to be less significant.

"While the impact on the group has been limited so far, we are likely to experience challenges in the near term. While our enterprises have been operating at full capacity, the situation is likely to be more complex in May and June," the company said.

End %%mk/jst%%