In photo (left to right): Chair of the OMK Board of Directors Anatoly Sedykh and REC General Manager Andrey Slepnev
The United Metallurgical Company (AO OMK, Moscow) and the National Export Center (AO REC) have entered into a mutually beneficial collaboration agreement to support and develop exports of high-tech products from OMK facilities.
The document was signed by Chair of the OMK Board of Directors Anatoly Sedykh and REC General Manager Andrey Slepnev at the 2019 St. Petersburg International Economic Forum.
Pursuant to the agreement, the National Export Center will promote the development of OMK's capabilities to expand and launch new competitive high-tech products into foreign markets.
In addition, OMK entered into a contract with the Russian Export Insurance Agency (AO EXAR) at PIEF-2019 to renew short-term receivables insurance. This insurance product is designed to protect Russian companies from the risk of non-payment by foreign buyers. The contract was signed by OMK Chief Financial and Economic Officer and Board Member Yulia Shkhiants and EXAR General Manager Nikita Gussakov. EXAR has been supporting OMK’s export efforts for a number of years already. The amount of this insurance coverage has been going up very year helping the company strengthen its position in the FSU and international markets.
“Metallurgical exports account for a significant share of Russian total non-resource exports. The contract that has been signed will help us strengthen ties with an industry leader, expand our geographic footprint while mitigating foreign trade risk by using insurance products from the REC Group”, REC General Manager Andrey Slepnev.
“The domestic market and domestic customers are a priority for OMK. At the same time, we would not only like to maintain our exports but expand our export line of products and launch into new export markets. I am certain that collaboration with the National Export Center will help us both accomplish our business objectives and develop industrial production overall, proceed with a Russian national project to increase exports of high-quality and high-tech products”, noted Chair of the OMK Board of Directors Anatoly Sedykh at the signing ceremony.
The domestic market is the primary market for OMK products. However, the Company is also active internationally delivering to international and foreign projects in over 20 countries around the world in 2018. In particular, the share of exports in the Company’s revenues increased from 13% in 2016 to 27% in 2017 and 2018.
REC, being a government institution supporting non-resource exports, provides Russian exporters with a broad range of financial and non-financial support services. REC focuses on improving the conditions for exports and overcoming the existing barriers to foreign trade. REC is a shareholder in the Russian export credit and investment insurance agency (AO EXAR) and AO ROSEXIMBANK which helps optimize resources and create efficient business processes to provide integrated services to exporters. As stated in the VEB's financial policy memorandum, promoting exports and supporting investment projects with Russian involvement outside of Russia is a priority. AO National Export Center is a VEB.RF company.
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