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Hope that EU will agree alternative to steel duty - Metinvest CEO Mr Ryzhenkov

2017-10-12

Reuters reported that the chief executive of Ukraine’s largest steelmaker on Wednesday said he was hopeful the government would reach an agreement with the European Commission to replace a new anti-dumping duty on Ukrainian hot-rolled steel with a minimum pricing mechanism. Metinvest CEO Mr Yuriy Ryzhenkov said the Ukrainian government had initiated talks to find an alternative arrangement for Ukraine due to its EU association agreement that established closer political and trade ties with the bloc as of September.

He told “The proposition from the government was related to self-imposed price restrictions, which we’re proposing instead of the anti-dumping duties. Hopefully the European Commission will consider those and we’ll find an acceptable mechanism.”

Mr Ryzhenkov did not say what minimum price had been proposed by the government at the talks, which he described as ongoing. He pointed to a reference to the Ukraine-EU association agreement in the latest anti-dumping regulation as a sign the Commission might accept the Ukrainian government’s proposal.

Mr Ryzhenkov said Metinvest would continue to supply hot-rolled coils to Europe and pay the required duty, while negotiations on the tariff continue.

On Friday, the European Union imposed tariffs on hot-rolled steel from Brazil, Iran, Russia and Ukraine after a complaint by EU producers that the construction and machinery product was being sold at excessively low prices. The duty amounts to around EUR 60 per tonne for Ukrainian steelmakers such as Metinvest, which sells 150,000-200,000 tonnes of hot-rolled coils to Europe per year.

Source : Reuters