Russian steel exports to EU restarted

Today Russian steel producers are restarting their exports to the EuropeanUnion, the press service of the Russian Economy Ministry told RBC today. OnAugust 9 the Russian union of metal exporters managed to agree on steelexport quotas to the EU, the press service pointed out. As it was reportedearlier, in July Russian steel producers stopped their exports to the EUmember states, as the union of metal exporters failed to disseminate steelexport quotas. The press service stressed that steel producers would beable to obtain export licenses in the Economy Ministry tomorrow and thenrestart their exports.Quotas were disseminated according to production capacities of steelproducing enterprises and their previous exports. The major part of thequotas was given to the Magnitogorsk Metal Works.The quota of Russian exports to the EU is 1.025m tons of steel in 2002. Inthe period from 2003 to 2004 this amount is to add 2.5 percent annually. Inthe event Russia cancels export taxes on iron scrap, the quota will beincreased by additional 12 percent..