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Russia’s metals production expected to decrease by 3% in 2020, says ministry

Nonferrous-metals industry will face difficulties in the export field due to growth of protectionism, Russia’s Economic Development Ministry believes

MOSCOW, September 27. /TASS/. Russia’s Economic Development Ministry projects a 3% decrease in metals production in 2020 compared with 2019, according to the country’s social and economic development outlook for 2021 and the planned period of 2022 and 2023 presented by the ministry

"The decline of metals production in 2020 in comparable prices is estimated at 3%," according to the outlook.

Nonferrous-metals industry will face difficulties in the export field due to growth of protectionism, the ministry believes. Development of ferrous industry will be restrained by low dynamics of the main sectors’ growth - consumers of products, mounting protectionism and trade disputes, as well as unstable situation on the global market of raw materials and metal products.

Meanwhile the investment portfolio of ten leading Russian companies operating in the nonferrous industry through 2023 is estimated at roughly 3 trillion rubles ($38.4 bln), of which half accounts for projects on development of raw materials supply.

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