In addition to deferring the excise tax on liquid steel and mineral extraction tax on ore, companies are asking to postpone the payment of insurance premiums to the first half of 2026 and not apply standard tax collection mechanisms to debts until August 1. This will save up to 1.19 billion rubles on loan interest and free up working capital. The government partially approved the postponement until December 1, 2025, but market participants consider the measures insufficient.
The situation in the industry is deteriorating: metal exports decreased by 7.9% in 2024, while rolled products production fell by 13%. Domestic demand is also declining due to the high key interest rate and the recession in construction and engineering. The high cost of capital makes investments unprofitable, which forces companies to freeze modernization and abandon import substitution plans.
Experts suggest additional measures: reduction of railway tariffs for the transportation of metals and the conclusion of long-term contracts for the supply of products for the military-industrial complex, energy and transport. Without supporting demand, reducing the cost of capital, and protecting against imports, metallurgy risks losing profits and its ability to develop.
