Severstal puts additional costs from export duties at $200–250 mln

MOSCOW, Aug 10 (PRIME) -- Russian steelmaker Severstal expects additional costs from Russia’s metals export duties at U.S. $200–250 million in 2021, Vladimir Zaluzhsky, director of the company’s communications and investor relations department, said Tuesday in an online conference organized by VTB Capital Investments.

“We’ve made some financial estimates on the impact that the duties introduced from August until the end of this year will have on the company’s financial results... The preliminary estimate is $200–250 million. This figure is for the period from August until the end of the year,” he said.

Russia introduced metal export duties from August 1 until December 31 that include a 15% core duty and a surcharge depending on the level of processing.

End %%md/jst%%