Shipments from Russian steelmaker NLMK's US based subsidiary declined by 27% to 1.6 million tonnes. Volumes were down across products with cold-rolled shipments falling by 31% to 313,000 tonne, galvanized steel dropping by 28% to 567,000 tonnes and shipments of hot rolled steel down by 25% to 1.176 million tonnes. The company attributed the decline in 2020 to the widespread negative impacts of the Covid-19 pandemic.
In addition, NLMK highlighted a 21pc sequential rise in scrap costs in the US and EU, reflecting the rally in rolled steel prices and demand. Lower scrap collection volumes because of Covid-19 restrictions also played a role, the company said.