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Russia plans to triple mining taxes, Russian steel companies' costs may soar

21 Sep 2020 16:16 reported by Ana Lee

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According to sources, the Russian government will raise the mining tax on metal ore to 3.5 times the original, and the new policy is expected to be implemented early next year.

Although it hasn't yet been formally implemented, many sources believe that this should be an established fact. The cost of purchasing raw materials for Russian steel companies will increase, which in turn will increase the cost of steel products.

Russian Steel Industry Association said that tax increases will be transferred to higher steel end-user prices, which will result in many companies engaged in the steel supply chain with reduced revenue.

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