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Russia’s NLMK may redirect transformer steel from EU to India because of duties

There is also a potential of increasing sales volumes on the markets of Turkey, the Middle East and the Southeastern Asia

© EPA/ABEDIN TAHERKENAREH

LIPETSK, June 4. /TASS/. Russia’s steelmaker NLMK may redirect a portion of transformer steel volumes from the European Union to India against the background of duties introduced by the European Union on supplies of Russian products, NLMK president Oleg Bagrin said on Thursday.

There is also a potential of increasing sales volumes on the markets of Turkey, the Middle East and the Southeastern Asia, Bagrin said.

NLMK is currently holding about 25% of the Indian electrical steel market and is annually supplying over 70,000 tonnes of such products to the region. "There is an upside potential and we also see prospects on the markets of the Southeastern Asia, Turkey and the Middle East but some portion will remain in the EU," NLMK president said.

TASS reported earlier the European Union imposed an antidumping import duty on the transformer steel from May 14, 2015 for six months. The measure is aimed against steelmakers from China, Japan, the Republic of Korea, the United States and Russia and affected NLMK in particular.

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