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The situation in the industry remains complex, it looks different to different types of industry players. Some companies managed to improve their financial status largely during the last years, reduce the debt load, and work on cost reductions. A number of companies feel confident and we view our company as one of them.
We think that the 2014 year, would be slightly better for the steel market than 2013. With the macroeconomic development in the USA and Europe, it can be said that a big wave raises all the boats. Thus, we are neutrally positive in our expectations of this year.
On the one hand, the problem of excessive capacity would remain for a long-term. On the other hand, we can see that a number of segments, to which we deliver steel as well, notice the growth in demand. We can also see the development of infrastructure projects in Russia, such as “South Stream”. We are expecting in the near term big infrastructure projects, circular road construction, Far East development as well. All these factors can positively influence demand and prices for steel.
It is not my first time to participate in the conference, thank you to the organisers for the invitation. Panel discussions are very interesting.
For the participants it is a chance to network not only with public people, but also with the private companies, their executives. There was a very interesting panel session today devoted to the excessive capacity and government support. It led to a rich debate. Overall, it was interesting to find out that metallurgy industry players share the same opinion on most questions.