MMK delays melt shop restart in Turkey on trade war worries

Russia’s Magnitogorsk Iron & Steel Works (MMK) may delay a restart of the melt shop at its MMK Metalurji unit in Turkey due to the uncertainty in the market created by the Section 232 investigation in the United States and the start of a safeguard investigation in the EU.

“The US imposed the duty on imports of steel products after we had taken the decision [to restart the melt shop],” Andrey Eremin, MMK’s director for economics, said during a presentation of the company’s operational and financial results for the first quarter of the year. “Europe has also started an investigation into steel imports to prevent the redirection of [steel product shipments into Europe] from the US,” he added. US President Donald Trump approved the Section 232 tariffs on March 9, while the European Commission (EC) launched its safeguard investigation on March 26. Eremin said...

Published

Marina Shulga

May 15, 2018

14:50 GMT

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