By Vladimir Lisin, Chairman, NLMK
In the first few weeks of 2014 it has become clear that the global economy is entering a new phase of uncertainty. Emerging markets have come under renewed scrutiny, leading to volatile movements in currencies and stock markets, reflecting concerns among investors about the impact of the Federal Reserve’s “taper” programme and financial stability in China.
These issues come at a time when the underlying trends suggest that China has passed the point of its fastest growth. Those metals and mining companies who budgeted for years of accelerating consumption to come have already been caught out by the new realities and the pressures on them can only intensify in 2014 driven by the increased funding costs.
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