The devaluation of the Russian ruble and the anti-dumping duties forced Interpipe, one of the largest Ukrainian steel pipe and railroad wheel manufacturer owned by Ukrainian oligarch Viktor Pinchuk, to stop its exports to Russia and to increase deliveries to other markets in 2015.
The press service of Interpipe reported the news.
“Our business plan for 2015 has no deliveries to Russia. The devaluation of the ruble and the anti-dumping duties made deliveries to the Russian market unprofitable,” Reuters quoted Interpipe Director of Finance and Economics Denys Morozov.
The Company doesn’t show any export data on Russia. According to data posted on the company’s website, the company estimated its market share to be 10 percent of the Russian market in 2013.
Morozov indicated the markets in Europe, America, Middle East and Africa to be a priority.
“For several years, the company planned to increase the share of these regions in total sales. We expect that by the end of this year, the combined share of these regions will exceed 60 percent,” he said, adding that the bulk of export supply to Europe is seamless pipes which are still taxed at the rate of 13 percent.
Among the top ten world’s largest manufacturers of seamless steel pipes, Interpipe exports its products to 80 countries.
“Despite the difficult economic and political situation, we consider the possibility of an investment program. The purpose of investment is to ensure the company’s growth in export markets, expanding the capacity of export products,” he said.
Top stories
Not only Russia. How populists destroy the greatness of the West Wednesday, October 4, 2023 - 06:27 (EEST)
-
