The Russian Steel Association said that since the beginning of this year, the price of steel has decreased by 35%, while the cost of production has increased by 50%. In June, steel production in Russia fell by 20-50% year on year.
Russia's iron and steel executives The Magnitogorsk Iron and Steel Works (MMK) calculated that June steel output fell by 40% to 550,000 tons, while Severstal also confirmed a 20-25% drop in production last month. In addition, the Novolipetsk Iron and Steel Works (NLMK) forecasts that Russian steel production will decline by 15% or more than 11 million tons this year.
The Ministry of Finance of the Russian Federation stated that it was impossible to cancel the excise tax on liquid steel. However, in the autumn they prepared to discuss the revision of the tax formula.
Financial performance of steel companies in the period from January to April was not bad, but the downward trend due to the exchange rate of the ruble still persisted
Steel production in Russia fell significantly in June
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Azovpromstal® 14 July 2022 г. 11:12 |
