March 23, 2020 / 7:48 AM / 11 days ago

BRIEF-Russia's MMK Currently Sees Minimal Impact Of Coronavirus Pandemic On Investments In 2020

March 23 (Reuters) - Russian steelmaker MMK:

* SAYS THAT AT THE MOMENT, THERE IS NO CRITICAL IMPACT ON SALES IN THE COMPANY’S MAIN MARKETS AMID THE SPREAD OF THE CORONAVIRUS

* HOWEVER, THE FURTHER DEVELOPMENT OF THE PANDEMIC MAY NEGATIVELY AFFECT BOTH GLOBAL BUSINESS ACTIVITY AND BUSINESS ACTIVITY WITHIN RUSSIA

* PRICES FOR STEEL PRODUCTS ON THE DOMESTIC MARKET OVER THE NEXT 2-3 MONTHS WILL STRIVE TOWARDS EXPORT PARITY, NORMALIZING THE PREMIUM OF THE DOMESTIC MARKET

* THE COMPANY, IF NECESSARY, HAS THE ABILITY TO RE-ALLOCATE A PORTION OF ITS METAL PRODUCTS SALES TO EXPORT MARKETS

* TO DATE, MMK GROUP HAS NOT EXPERIENCED ANY DIFFICULTIES WITH THE SUPPLY OF BASIC RAW MATERIALS, AS WELL AS SUPPLIES OF EQUIPMENT AND SPARE PARTS

* ALL RAW MATERIALS ARE TAKEN UNDER SPECIAL CONTROL AND TRACKED IN TERMS OF BOTH THEIR CONSUMPTION IN PRODUCTION AND INVENTORY

* COMPANY MANAGEMENT CURRENTLY ESTIMATES THAT THE IMPACT OF THE ADVERSE EPIDEMIOLOGICAL SITUATION ON INVESTMENT PROJECTS IMPLEMENTED IN 2020 WILL BE MINIMAL

Source text - bit.ly/2UdPVTv

Further company coverage: (Gdansk Newsroom)

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