Russia's Domestic Steel Demand Likely to Fall due to COVID - EVRAZ

Russian steelmaker EVRAZ provided update on its operations and outlook amid restrictions imposed due to COVID-19. The steelmaker confirmed that all its operations including logistics, supply and technological processes are taking place smoothly despite the restrictions imposed due to COVID-19, in a recent release.

The company expects domestic steel demand to fall in near future due to the significant down-turn in economy caused by restrictions imposed due to COVID-19. We expect the impact on exports to be less significant. This is due to the recent rouble devaluation and EVRAZ's ability to redirect steel from domestic sales to export markets.

"At present, EVRAZ is facing no significant issues with the production or supply of raw materials and other goods. Shipments continue, and raw material deliveries to enterprises are stable", it said.