U.S., Russia reach draft deal on hot-rolled steel trade


The U.S. Commerce Department on Friday said it had reached a draft agreement with the Russian government to revise a 13-year-old deal governing imports of hot-rolled steel.

The pact raises the minimum price for Russian hot-rolled steel can be sold in the United States.

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The department launched the negotiations with Russia after U.S. steel company Nucor Corp. complained the 1999 agreement was out of date.

Nucor and other interested parties will have a chance to comment on the deal before it is final. Those remarks are due to the Commerce Department by Nov 23.

(Reporting By Doug Palmer)