Forward to the past: why the “pivot to the East” will result in a systemic crisis for the Russian metallurgy
The state of the Russian iron and steel industry is one of the most striking confirmations of the absurdity and economic inconsistency of the thesis of the Russian authorities that a “turn to the East” can compensate for the gap with the West. Before the invasion of Ukraine, Russian metallurgy had an almost unshakable position in the premium steel markets - European and American. Today, their share in Russian exports has decreased by half, and cash flow by three to four times.
