MMK estimates extra spending on steel duty at $200 mln in 2022

MOSCOW, Oct 7 (PRIME) -- Russia’s Magnitogorsk Iron and Steel Works (MMK)’s preliminarily estimate of the additional financial burden from the steel excise duty introduction in 2022 at U.S. $200 million, CFO Maria Nikulina said on Thursday. 

"The potential effect on MMK from introduction of the excise duty will firstly depend on the prices that we shall see soon, but let me set the guidance at approximately $200 million. This is the steel excise," Nikulina said. She added that the mineral extraction tax on iron ore is less significant for the company.

The government submitted a bill, which might raise the tax burden on metal and fertilizer producers, in September to parliament.

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