Russian metallurgical industry records rapid decline – Ukraine’s Center for Countering Disinformation
Pravda Ukraine
The Russian metallurgical industry recorded a sharp decline in 2024.
Source: press service for the Center for Countering Disinformation at Ukraine’s National Security and Defence Council
Quote: “Russia’s largest steelmaker, Magnitogorsk Iron and Steel Works, reduced steel production by 14% and pig iron output by 4.5%. Nornickel, Russia’s leading non-ferrous metal producer, reduced nickel production by 6%, copper by 12%, and palladium by 10%. Additionally, exports of Russian steel and steel pipes plunged by 22% and 77%, respectively.”
Details: The companies are trying to explain the decline by planned modernisation, but the real reasons are the loss of Western markets due to sanctions, falling prices and demand for Russian metal in Asian markets, and falling domestic demand due to the high discount rate and economic crisis.
Quote: “Despite claims from the Russian government and propaganda, the war against Ukraine and sanctions are devastating key sectors of the Russian economy. The outlook remains bleak, with industrial production expected to decline further.”
To recap: Cheese, jamón, ham and sausages from the European Union have been seized at the border with Russia.
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