MOSCOW, Jul 19 (PRIME) -- Russian metallurgic giant Severstal plans to continue hot-rolled steel exports to the E.U. market despite the European Commission’s plans to impose antidumping duties, the company said in a statement late on Tuesday.
Mass media said earlier that the E.U. intends to introduce a 5.3% to 33% import duty on hot-rolled steel imported from Russia, Ukraine, Brazil and Iran. According to Reuters news agency, the new regulations will envisage a 5.3% duty on Severstal, 15% on Novolipetsk Steel (NLMK) and 33% on Magnitogorsk Iron and Steel Works (MMK).
Severstal said that the lowest duty among all exporters will be a competitive advantage.
“A unified minimal price for all products and exporters makes exports with more expensive transportation component more attractive. However, it is yet difficult to evaluate how this step will influence different regional markets inside the E.U.,” the statement read.
NLMK declined to comment on the European Commission’s decision. It only said that its hot-rolled steel products are mainly made inside the E.U. for the local market. NLMK La Louviere produced 770,000 tonnes and sold around 530,000 tonnes of the products locally, while only 20,000 tonnes was exported from Russia.
Reuters reported that the European Commission, which oversees the E.U. trade policy, launched an investigation into hot-rolled steel from Brazil, Iran, Russia and Ukraine as well as Serbia in July 2016, following a complaint by European steel association Eurofer. The investigation found that the share of hot-rolled steel from all the countries save Serbia rose to 12.6% of the E.U. market in 2017 from 7.5% in 2013, with prices falling by about a quarter.
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