Deputy Prime Minister Denis Manturov proposed new measures to support metallurgists

The government proposes to support the metallurgical sector by reducing the fiscal burden, as well as the possibility of purchasing metal products in the state reserve to maintain demand in the domestic market. This was announced on August 1 by Deputy Prime Minister, Minister of Industry and Trade Denis Manturov during a meeting on the development of metallurgy with Russian President Vladimir Putin.

According to Manturov, for ferrous metallurgy enterprises, the most affected by anti-Russian sanctions, it is necessary to adjust the excise tax on liquid steel, as well as revise the mineral extraction tax (MET) on iron ore and coking coal. The Deputy Prime Minister recalled that these allowances were introduced in 2021 “on the wave of super profits” of metallurgists. These measures (the introduction of export duties, an excise tax on liquid steel, an increase in the mineral extraction tax) were established after the statement of First Deputy Prime Minister Andrei Belousov that metallurgists “shoveled” the budget by 100 billion rubles, not paying them extra from windfall profits due to favorable market conditions .