Posted on 06 Aug 2015
Russian steelmaker NLMK has switched its exports of electrical steel to India from the European Union after the bloc introduced anti-dumping duties in May, its chief executive said on Wednesday.
"For us it is now the number one market in terms of sales. We currently export around 70,000 tonnes there, occupying 30-35 percent of the market," company head Oleg Bagrin told reporters.
The EU imposed anti-dumping duties on imports of electrical steel from Russia, China, Japan, South Korea and the United States in May as part of measures this year to protect European steel producers.
NLMK exported 71,000 tonnes of electrical steel in the second quarter of 2015. The company posted a quarterly net profit of $170 million on Wednesday, down 47 percent quarter-on-quarter.
