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Russian Steelmaker Severstal Suspends Europe Sales on Sanction

Russian steelmaker Severstal PJSC suspended sales to Europe, its biggest export market, after billionaire owner Alexei Mordashov was sanctioned, along with other tycoons in the country.

loomberg News Agency quoted an informed source,the company, which sells about 3 million tons of steel per year to Europe, is looking at new avenues for sales after being forced to suspend deliveries.

The price of Sefertal’s GDRs decreased by 14% by 2:49 am today in the trading of the London Stock Exchange, after its decline yesterday by 68%.

The European Union had imposed sanctions on Mordashov and a number of other Russian billionaires as part of a package of European sanctions targeting the Russian economy in response to the invasion of Ukraine.

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About AISU

Arab Iron and Steel Union ( AISU ) was established in Algeria in 1971 as the first Arab union of Arab countries to be established under the umbrella of the Council of Economic Unity in the League of Arab States.

AISU is a non-governmental organization of a private nature, not of a political or commercial nature.

AISU works in the field of preparing studies, organizing courses and holding periodic conferences for the prosperity of the Arab iron and steel industry. The union includes a wide range of companies with multiple activities related to the iron and steel industry.

Information About Union

92 Members

28 Board of Directors

17 Country

300.000 Employees

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