Russian steel mills strike it rich after rouble's collapse
Low costs at home and export earnings in US$ or euros lift profit margins and help undercut global rivals
Wed, Mar 04, 2015 - 5:50 AM
Russia produced 70.65 million tonnes of steel last year, the second highest output since the collapse of the Soviet Union in the early 1990s. The rouble's slide has cut costs for Russian mills by almost half in dollar terms.
THE collapse of the rouble, which has pushed up prices for millions of Russians as the economy slides into recession, hasn't been bad for everyone. The country's steel mills are suddenly world beaters.
Producers including PAO Severstal and OAO Novolipetsk Steel pay wages and...