July 18, 2018 / 2:25 PM / 3 months ago

Russia's Severstal does not expect major impact from EU's steel curbs

MOSCOW (Reuters) - Russian steel producer Severstal does not expect the European Union’s curbs on steel imports to have a substantial impact on its financial performance as its distribution mechanism is flexible, the company said on Wednesday.

FILE PHOTO: The logo of Russian steel producer Severstal is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin

Severstal plans to continue supplying steel to European consumers as part of announced quotas, it added.

The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.

Reporting by Polina Devitt; Editing by Catherine Evans

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