Severstal awaiting authorities' measures to adjust ruble rate to maintain exporters' competitiveness - CEO

CHEREPOVETS. May 26 (Interfax) - Severstal has already redirected European exports to the countries of Southeast Asia, North Africa, and India, though the strengthening of the ruble has reduced the competitiveness of the exports, CEO Alexander Shevelev told reporters.

"We are already delivering supplies there, and we will increase shipments to these countries in the near future. We could say that we have already redirected, and we will continue to increase," Shevelev said.

Shevelev also noted that, "the current [ruble] exchange rate is severely limiting the company in exporting goods, rendering them less competitive."

"We are hoping that the authorities will take the appropriate measures in order to bring the ruble exchange rate to levels that retain the competitiveness of exporters," Shevelev added.

Alexei Mordashov, Severstal's chairman of the board of directors, on Wednesday said that the company must respond to the latest challenges that are creating risks amid the changed economic realities, including in terms of production volumes.

"It is a difficult period now. We all understand that there are certain serious challenges for us regarding the need to redirect supplies and purchases amid the sanctions. We cannot say confidently that we are currently maintaining production volumes," Mordashov said on Wednesday at the Ecosystem All-Russia forum on the environment.