Investment in Russian metallurgy topped 1 trln rubles in 10 yrs - Putin
MAGNITOGORSK. July 17 (Interfax) - President Vladimir Putin called for the sustainable development of Russia's metallurgical sector, noting the positive impact of the more than 1 trillion rubles invested in the industry over the past decade.
"The situation on world markets, and here in our country, is fairly volatile. Following the sharp drop in 2008-2009, demand for metal had recovered by the end of last year, but remains unstable. Prices for many types of products are far from the pre-crisis level," Putin said Monday at a meeting in Magnitogorsk on the development of the iron and steel industry.
He recalled that during the global crisis the government support metal companies, including by providing government guarantees.
"Today the goal and objective is to achieve stable development in the sector," Putin said.
He noted the positive trends in investment in the sector. "This means that owners, key shareholders are thinking about their employees, social problems, about the environment and about the sector's future," Putin said.
He said more than 1 trillion rubles have been invested in the sector in the last ten years. "I doubt that any neighboring countries, where the metallurgical industry has also always been a significant part of the economy, saw such an investment boom," Putin said.
He stressed the need to introduce the latest technologies that meet environmental standards and requirements. "This is happening. I hope that this will continue to be the case," Putin said.
He cited the Magnitogorsk Iron & Steel Works (MMK) as an example. "I remember when I visited [MMK] for the first time, it was in winter - the snow was all black. Today the situation is no ideal, but it has nonetheless changed radically," Putin said.
"I hope that colleagues at other major plants will continue efforts to improve the environmental situation," Putin said.
