The Russian government revealed on Wednesday that it will be abolishing its export tax on steel and other ferrous metals, in order to offset the impact of the controversial US import tariffs on the Russian steel industry.
The announcement is likely to come as a pleasant surprise for the sector, which was just expecting a reduction in the export tax, following reports earlier this month.
The abolition of the export tax, which is currently levied at 3%-5% is expected to benefit Russian steel producers by between US$200-250 million, and will come into effect next month.
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