Group focus and priorities
The Group is closely monitoring the development of the COVID-19 pandemic and its impact on our employees, our operations and the broader stakeholder base.
During and since
These include:
Significant reduction of domestic and cancellation of overseas business travel;
Two-week isolation, with full salary, for all employees returning from trips abroad, either personal or work-related; Enabling remote working, provision of additional personal protection equipment for employees who must come to work, including eye protectors, respirators and gloves; Installation of thermal imaging devices and pyrometers at the entrances to our facilities to monitor people's temperatures; Elimination to the extent possible of large gatherings (with social distancing when they must take place), and cancellation of all major corporate, sporting and entertainment events; Increase of supplies of antiseptic and disinfectant products in communal areas, regular sanitation of facilities and transport; Campaigns to raise awareness among employees and contractors on behavioural features, social distancing and personal protection.
The Group is monitoring the spread of coronavirus and working with healthcare facilities and insurance organisations to take proactive decisions aimed at safeguarding its employees and their families. Currently there are no confirmed COVID-19 cases in
Update on our operations and outlook
The Group remains closely focused on its operations, including logistics, supply and technological processes. At present,
However, in the near term, we expect domestic steel demand to fall due to the significant economic down-turn that the restrictions imposed due to COVID-2019 are causing worldwide, including in
We expect the impact on exports to be less significant. This is due to the recent rouble devaluation and
While the impact on the Group has been limited so far, we are likely to experience challenges in the near term. While our enterprises have been operating at full capacity, the situation is likely to be more complex in May and June. In the light of this,
Our financial position
The Group remains well capitalised with a strong liquidity cushion.
As at
In
In addition, also in
In March and April, the Group also added
The first sizeable maturities are due in Q1 2021 which should be comfortably covered by our existing cash balances and committed credit facilities.
Despite Covid-19 related challenges and market downturns,
Contact:
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