AUSTRALIAN STEEL FOR RUSSIA

Press, Volume XCVIII, Issue 28958, 28 July 1959, Page 17

AUSTRALIAN STEEL FOR RUSSIA

Prelude To Further Trade?

(N.Z. Press Association—Copyright) CANBERRA. July 27. The sale of 9000 tons of flat sheet steel to Russia by John Lysaght and Sons (Australia) ( Pty., a subsidiary of 8.H.P., was [announced last evening. The ■ order, placed through internalitional and Australian merchants. 11 is worth £500,000. j The sale is believed by obser- . vers here to foreshadow a re.lvival of a profitable Australian export trade to the Soviet Union. According to these observers. ; wool, not steel, seems likely to be ’! Australia’s principal export to Russia. | In the 1954 trade year, before ! diplomatic relations between both I countries were severed, Russia bought £26.8 million worth of J commodities, mainly wool, from Australia. ( Before the steel deal was announced last night, Australia's trade earnings from Russia had ; become so small they were not j classified separately ; Now that diplomatic relations between the Soviet and Australia have resumed. Sources believe trade between both will •boom.” Commonwealth officials today ■ i could not say whether the J £500.000 steel order was the first ' of a series. i ■ I I Street Consolidated.— Operations of , the company for the year ended Feb- ; : ruary 28 have a<ain resulted in a ’ floss and no dividends will be paid Jin respect of this period.—(P.A.)