MMK, one of Russia’s largest steel producers, has postponed the launch of a lucrative project in Turkey due to uncertainty created by global trade wars, Andrey Eremin, the company’s director for economics, told Reuters in an interview.
The project – the re-launch of hot-rolled steel production at its Turkish site – was expected to add between $90 million and $100 million to MMK’s core earnings, Eremin said, but a sudden surge in global trade barriers caught the company off guard, forcing it to delay.
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“We had completely restored equipment at the plant to working condition, had figured out all the contracts for supplying energy and raw materials,” Eremin said.
“Unfortunately, we made this decision before the U.S. introduced tariffs against metallurgical companies. We did not know that this would happen.”
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