Monday, February 28, 2011
Russia ministry nixes steel export duty plans
Mon Feb 28, 2011 10:17am GMT
MOSCOW Feb28(Reuters)- Russia's Ministry for Economic Development has abandoned plans to put an export duty on steel and iron ore to protect domestic automakers, deputy minister Andrei Slepnyov said on Monday according to Interfax.
"Automakers reached an agreement with the metals and mining companies about the current issue (of steel pricing), therefore it is no longer necessary to impose an export duty," the agency quoted Slepnyov as saying.
Car makers including AvtoVAZ (AVAZ.MM: Quote) voiced complaints over rising steel prices at the end of last year. (Reporting by Alfred Kueppers, sourced:Thomson Reuters)
Tags:steel mills, Russian steelmakers,