NLMK: no sense yet in exporting product to Iran
March 24 (Interfax) - Novolipetsk Steel is not at present planning to export product to Iran, NLMK President Oleg Bagrin told journalists.
"Despite the lifting of sanctions, we do not see an opportunity for industrial-scale operations [on the Iranian market]. For now this is that situation in which the financial sector has still not adapted to the new regime. Banks have no strong desire to work there. This will take half a year, until the finance chain opens up and the banks conduct settlements in the form that existed before the sanctions. For the time being we are not planning any significant production programs associated with the Iranian market," Bagrin said.
NLMK Vice President for finance Grigory Fedorishin stressed that Iran "is protecting itself" and introducing duties taking into account its growing appeal as an export market.
"Iran is not the same market it was before the sanctions. That is, now this is an export-oriented market for many products. Therefore, even when this starts working, it must be seen whether steel is needed there and what imported products," he said.