NLMK Says No U.S. Investment While Tariffs are in Place

NLMK Group has backed off from plans to invest in its U.S. division due to the steel duties that were imposed in 2018. The Department of Commerce has denied the Group’s request for exemption from the 25 percent Section 232 tariffs so that it can supply its facilities with steel slab.

“Earlier we planned to upgrade rolled stock in the U.S. with substantial investment there, whereas now we understand that we should suspend that. We will wait, that is the matter of time, we will suspend investment in this regard until restrictions are removed,” the company’s main shareholder Vladimir Lisin told reporters at Russian news agency TASS on Friday.