NLMK says may change investment plan deadline on lack of equipment

MOSCOW, Jul 20 (PRIME) -- Russian steelmaker Novolipetsk Steel (NLMK) will fulfill its investment program but may change the deadlines due to the lack of imported equipment, key shareholder Vladimir Lisin said on Wednesday.

"Fulfillment of the investment programs has become more difficult; we will of course complete what we have, but with a certain delay, because there will be delays in Western equipment supplies,” Lisin said.

“This is no secret that we used to receive 60% of modern technologies by gathering them from across the world little by little, now it's all starting to close."  

The closure of the Western markets and logistic difficulties, as well as a high freight cost and surplus of steel on the Asian markets make metal product exports from Russia virtually pointless, Lisin said separately, adding that exports accounted for about 40% of Russian metal output. 

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