NLMK foresees double-digit steel demand slump in home markets

Russia's largest steelmaker, Novolipetsk Steel (NLMK), which also runs assets in Europe and the United States, expects steel demand to show a double-digit drop in home markets in the second quarter of 2020 and for the full year, the company said on Thursday April 30.

"In Russia, we expect a double-digit decline in steel consumption in May and June, with potential recovery starting in July," chief executive officer Grigory Fedorishin said in a conference call.
"For the moment, construction demand varies from region to region," Fedorishin said. "Moscow and Moscow region [Central Federal district, the largest steel-consuming region in Russia] suspended construction activities for two-and-a-half weeks in April, which resulted in an almost 50% drop in demand during the last month."

Experts believe that a rebound in construction activity in Moscow could happen...

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