Official: Russian metal exports fall by 20% in April–June

MOSCOW, Aug 1 (PRIME) -- Exports of Russian metals producers decreased by 20% in April–June, Industry and Trade Minister Denis Manturov said on Monday.

"The Russian metals producers are working in condition of limited access to the Western markets, exports fell by about 20% in the second quarter," Manturov said. Exports are not very profitable and in some cases bear no economic sense, he said.

Manturov added that local consumption declined as well, and loading of the producing capacities decreased to 80% on average from 93%.

The additional fiscal burden on Russian metal industry, introduced in 2021 because of extra income, must be reduced, Manturov said, asking President Vladimir Putin to cut the excise duty on liquid steel.

Putin said that he had discussed taxation of the metals sector with his administration and the government. He did not elaborate.

According to the president, the 2030 development strategy of the metals sector must focus on the local consumption and affordable prices for the people, business, large federal and regional projects.

Putin separately said that the Western restrictions have a goal of limiting the Russian industry and redistributing markets in favor of Western states.

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