Interfax reported that President Mr Vladimir Putin called for the sustainable development of Russia's metallurgical sector, noting the positive impact of the more than RUB 1 trillion invested in the industry over the past decade.

Mr Putin said Monday at a meeting in Magnitogorsk on the development of the iron and steel industry THAT "The situation on world markets and here in our country is fairly volatile. Following the sharp drop in 2008-2009, demand for metal had recovered by the end of last year, but remains unstable. Prices for many types of products are far from the pre-crisis level."

He recalled that during the global crisis the government support metal companies, including by providing government guarantees.

Mr Putin said "Today the goal and objective is to achieve stable development in the sector."

He noted the positive trends in investment in the sector. He also said "This means that owners, key shareholders are thinking about their employees, social problems, about the environment and about the sector's future."

He said more than RUB 1 trillion have been invested in the sector in the last ten years. He added that "I doubt that any neighboring countries, where the metallurgical industry has also always been a significant part of the economy, saw such an investment boom."

He stressed the need to introduce the latest technologies that meet environmental standards and requirements. Mr Putin said "This is happening. I hope that this will continue to be the case."

He cited the Magnitogorsk Iron & Steel Works MMK as an example. Mr Putin said "I remember when I visited MMK for the first time, it was in winter the snow was all black. Today the situation is no ideal, but it has nonetheless changed radically."

He said that "I hope that colleagues at other major plants will continue efforts to improve the environmental situation."

Source - Interfax

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