Mr Mordashov foresees 8pct rise in Russian steel demand in 2011

Wednesday, 02 Feb 2011

According to Mr Alexey Mordashov chief executive of the leading Russian steelmaker Severstal at the World Economic Forum in Davos, demand in the Russian steel market could increase by eight percent in 2011, adding that in general the world steel market will be characterized by a rising tendency this year.

Mr Mordashov said "The prospects are good; we see an increasing conjuncture, a growing market both in terms of volume and prices. This is undoubtedly based on growing demand in view of national economic growth in Russia and in the world economy as a whole. Plus, we definitely see rising prices for raw materials, which in turn is also caused by the growth of the world economy, particularly in emerging markets."

Mr Mordashov said that in 2011 steel demand in the European market is unlikely to see much increase while in the US market it will grow insignificantly by just 1.5% to 3%. However, the biggest increase in steel demand is perhaps to be expected in the emerging markets.(sourced:steelorbis)