The Russian Federation Ministry for Economic Development and the EU European Commission signed in Brussels, on 9 July 2002, an agreement on Russian steel supplies to Europe till 31 December 2004.
The agreement sees to a 28% quota increase on the Russian steel supplies from the beginning of 2002 as compared to the previous annual period. Besides, during the period of 2003-2004 this quota will be up on 2.5% per annum.
The agreement also stipulates 12% quota increase in case Russia decides to abolish its black metalsí waste export quotas.
In general this agreement will allow to compensate Russian producers their loss resulting from the US import quota increase for steel, affirmed by U.S. President George Bush in March of this year.
News source: www.rbc.ru
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