Potanin: Norilsk Nickel will fight to maintain positions in Western markets

Norilsk Nickel expects to return to its traditional markets after the end of the period of instability and intends to maintain its positions in them.
This, as reported by TASS, was announced by the head of the company Vladimir Potanin.
According to him, Europe and other regions are interested in Norilsk Nickel products, however, due to an emotional assessment of the current situation, they refuse traditional volumes of supplies "to their own detriment", or they are looking for a replacement in the form of less profitable options.
"Everything that our traditional partners will not take - we have already prepared alternative logistics chains for delivery to the markets of Southeast Asia and other countries of the world, we will not face a situation when, due to the refusal of supplies from our European partners, we will not have a sales market. Moreover, I am convinced that after the period of instability that has now come - when it is over, I am sure that we will have the strength to return to these markets, our partners would have the wisdom to treat this pragmatically," Potanin said, stressing that the company will fight for to maintain positions in all markets.
It is noted that in 2022, Europe accounted for 47% of Norilsk Nickel's sales against 53% a year earlier, Asia - 31% against 27%. Another 15% fell on North and South America - here the indicator has not changed, as in Russia and the CIS, which accounted for 5%.
In June last year, London included Vladimir Potanin in the sanctions list, in December Washington made a similar decision. The restrictions do not apply to Norilsk Nickel itself.
According to Potanin, although the company is not a sanctioned enterprise, it is experiencing all the consequences of an unfriendly attitude to the Russian economy.
Currently, Norilsk Nickel is reviewing its investment obligations taking into account changes in the price environment on the global metals market and other external challenges, the head of the company said.
Norilsk Nickel is the world's largest producer of palladium and high-grade nickel. The company's consolidated revenue by the end of 2022 amounted to $16.9 billion, a decrease of 5% compared to the same period last year. EBITDA decreased by 17% to $8.7 billion. Net profit decreased by 16% and amounted to $5.9 billion. At the same time, the volume of capital investments increased by 55% to a record $4.3 billion.

Alex Shishlo for Rough&Polished