Severstal Hopes Russian Government's Measures On Metals Industry To Be Balanced - Chairman

Alexey Mordashov, Severstal co-owner and board chairman, hopes that the measures announced by the Russian government to introduce temporary export duties on ferrous and non-ferrous metals would be balanced

MOSCOW (UrduPoint News / Sputnik - 24th June, 2021) Alexey Mordashov, Severstal co-owner and board chairman, hopes that the measures announced by the Russian government to introduce temporary export duties on ferrous and non-ferrous metals would be balanced.

Ealier in the day, the Russian government approved the idea of introducing export duties on ferrous and non-ferrous metal products from August 1 to December 31, 2021. These measures will provide additional budget revenues in 2021 of 160-165 billion rubles, which will be aimed at minimizing losses of state-run construction projects from rising metal prices.

"We hope that the draft resolution, which was discussed today at a government meeting, will contain balanced measures that will allow ferrous metallurgy to get out of the crisis and continue development," Mordashov said, as quoted by the company's press service.

He also hopes that "these measures will not significantly impede the access of our products to global markets, where there are already serious restrictions for Russian metallurgical companies."

Mordashov said that foreign analysts were already "grateful to our government for such a gift to European metal producers."

"They also note that this initiative will only increase global steel prices," he added.

He clarified that the company was sympathetic to the concerns of the Russian government about the rise in prices for ferrous metallurgy products.

Earlier on Thursday, other Russian metal giants Evraz, TMK and ChMK refrained from commenting on the issue.