Severstal slashes exports to US on soft prices

Nov 26, 2007 | 10:25 AM | Rob Hartley

Russia's JSC Severstal has slashed exports to the United States from its Cherepovets Works due to weak prices.

Severstal exported about 587,000 tonnes of steel, primarily slab and hot-rolled coil, to the United States in 2006, roughly 20 percent of its total export volume—a figure set to drop to just 5 percent this year.

"American sales have dropped because prices are lower," said Dmitry Goroshkov, the company's mill sales director. "The best prices are in the Middle East and Europe. But I would expect that the highest price rise will be in the U.S. next year and would not rule out our exports rising back to 20 percent next year."....

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