Russia Steel Mills Become World Beaters After Ruble’s Slide
This article is for subscribers only.
The collapse of the ruble, 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 other costs, including transportation, in rubles while earning dollars or euros for exported steel. That’s allowing them to undercut rivals like ArcelorMittal, the world’s largest steelmaker, while maintaining profitability.