The Bush administration has expressed concern that taxes imposed on the steel industry in Russia are discouraging firms from exporting scrap steel and providing domestic producers with an unfair advantage.
At the annual International Monetary Fund and World Bank joint meetings at the weekend, Treasury Secretary John Snow told Russian Finance Minister Alexei Kudrin that the US government has grown “concerned” over the situation.
Russia imposed a 15% levy on the export of scrap steel exports in 1999, adding new export certification requirements in 2001.
Once the world’s largest exporter of scrap steel, Russian exports have declined sharply since the introduction of the tax as prices on the world market have escalated, driven by Chinese demand.
The US believes the tax has driven down Russian domestic prices, thus giving the country’s producers an unfair advantage.
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