In 2024, electric steel production fell by 7%

At the end of last week, a meeting with Deputy Prime Minister Alexander Novak took place at Business Russia, where prospects for the Russian economy were discussed, including investments, inflation, and business resilience.

"I raised the issue of supporting electrometallurgy — one of the most environmentally friendly methods of steel production. Currently, these enterprises, unlike mining companies, do not receive natural resource royalties but pay an excise tax on liquid steel, even though our industry’s profitability is 2-3 times lower. In 2024, electric steel production fell by 7%," shared Ivan Demchenko, head of the metallurgical holding Novostal-M, TC, in his personal Telegram channel, reflecting on the meeting. "I proposed eliminating the excise tax — this would save the industry, reduce inflationary pressure, and give an impulse to investments. The government is monitoring 2,300 systemically important enterprises, and we, as entrepreneurs, have received a clear signal — our initiatives are being heard. Special emphasis is placed on investment growth and a human-centric economy."