4202
Russia Steel Co. to Keep Up Production
World Economy

Russia Steel Co. to Keep Up Production

Russia’s Novolipetsk Steel, or NLMK, will keep its production volumes, despite Western sanctions against Russia, Vladimir Lisin, the chairman of the NLMK board of directors, told journalists.
He said that local authorities of a number of cities in Western European countries had asked the European Commission “to be more delicate to Russian steel in conditions of the sanction regime,” Itar Tass reported.
This position had been heeded and the company’s Western partners pledged to “try not to make wrong steps against NLMK,” Lisin said.
In his words, the local authorities in those cities are afraid that in case of the worst scenario “several thousands of people in Germany, Belgium, Denmark and Italy linked with NLMK activities will lose their jobs.”
Apart from that, NLMK has increased its domestic sales to 47% of its overall output, he noted. In the past ten years, the steel maker has diversified its production. These measures, according to Lisin, will help the metallurgy giant keep on running loss-free.
On Friday, NLMK marked the 80th anniversary of the first iron casting. Today, NLMK is Russia’s biggest steel maker and one of the most efficient metallurgical companies in the world. It is a central unit of an international production chain with assets located in Russia, the European Union and the United States. Production at NLMK’s Lipetsk facility exceeds 12 million tons a year, or 18% of Russia’s entire steel output.

  Tit-for-Tat
At a McDonald’s in a provincial town northwest of here, health inspectors in lab coats swooped in for a surprise check, clipboards, test tubes and cotton swabs in hand. After finishing, they promptly filed a lawsuit to stop the fast food chain from selling certain items across all of Russia.
The offense: The calorie counts on the cheeseburgers, Filet-O-Fish, berry ice cream and other items did not match the amount listed on the paper tray liners.
As geopolitical tensions continue to simmer over the Ukraine crisis, Russia isn’t just a perilous place to do business. It is entirely unpredictable.
Some companies like Exxon Mobil and the energy services firm Schlumberger have been ensnared by the Western sanctions intended to cut into core Russian industries. Others such as Visa and Conde Nast have been hit by the tit-for-tat response by the Kremlin.
Iconic American brands are proving useful for political target practice.

 

Short URL : http://goo.gl/WyqV4k

You can also read ...

 An overwhelming 86% of Germans believe their economy is doing well, up from 75% last year.
Conditions for investors around the world are getting worse....
Greece Remains Under Supervision
Greece will remain under supervision after it exits its...
Tax Reform  Can Boost  US Economy
The American electorate is more than ready for Washington...
Pak GDP Growth Predicted at 10% Over 10 Years
Researchers from Harvard University’s center for international...
South Korea’s jobless rate has risen steadily in recent years.
South Korea’s unemployment rate has risen steadily in the past...
Britons have been borrowing heavily through personal loans and credit cards over the last 18 months.
Consumer borrowing grew at almost 10% in August, official...
Jordan Economy Continues to Grow
While the public sector continues to play a prominent role in...
China Rust Belt Opens Doors
Trucks carrying hi-tech car components rumble in and out the...

Trending

Googleplus