Financial crisis is only about to break out, UMMC Holding claims

‘The financial crisis is only starting to gather pace at the moment, so its consequences are hard to predict,’ UMMC Holding’s GD Andrei Kozitsin announced in the course of a press conference in Interfax-Ural’s press center in Yekaterinburg on October 6, 2008.

During the regional government’s meeting a week earlier, Kozitsin explained that the global demand for metallurgical industry’s produce tended to go down; so did the nonferrous metals prices, all of which could affect Sverdlovsk Region’s economy quite badly.