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NLMK forecast 23% decline in exports of Russian steel products in 2022

According to the company, a significant decrease in rolled products was due to the fact that this type of metal products is already under restrictions in Europe, where supplies were mainly transported

MOSCOW, June 14. /TASS/. NLMK expects to see a 23% decline in exports of Russian steel products in 2022, mainly due to rolled metal products. The company also forecasts a decrease in domestic steel consumption in 2022 in construction by 12.9% to 27 mln tonnes, in engineering - by 25.4% to 4.7 mln tonnes, NLMK's press service told TASS.

"We expect that exports from Russia will decrease by 23% in 2022: the main drop will be in rolled products, by 40-45%," the press service noted.

According to the company, a significant decrease in rolled products was due to the fact that this type of metal products is already under restrictions in Europe, where supplies were mainly transported. Redirecting rolled products to other markets is more difficult than semi-finished products due to other restrictions, including duties and quotas.

NLMK also forecasts 15% decline in the output of Russia’s ferrous metallurgy enterprises in 2022 and 26% - in the second half of 2022. "Taking into account the analysis of indicators for the Q1 of 2022 and the dynamics of the ferrous metallurgy market at the beginning of the Q1 of 2022, it is expected that the decline in production volumes of Russian ferrous metallurgy enterprises in 2022 compared to 2021 may reach over 11 mln tonnes (-15%), while the biggest decline is projected in the second half of 2022 -more than 9 mln tonnes (-26%) compared to the second half of 2021," the company's press service said.

NLMK Group is a vertically integrated steel company and one of the largest producers of steel products in Russia. The group's production assets are located in Russia, Europe, and the United States. The main shareholder of NLMK is Vladimir Lisin, who owns 79.3% of the shares through Fletcher Group Holdings Limited, while 20.7% of the company's shares are in free float.

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