Shares of Russian metallurgical companies fell during trading on September 20 against the background of discussion of tax rates on the industry, the data of the Moscow Exchange is evidenced. Rusal suffered more than all, whose shares to 11:45 fell by 2.28 percent to 70.6 rubles per joke.
Shares of the pipe metallurgical company (TMK) fell by 1.68 percent to 93.5 rubles per piece, Magnitogorsk Metallurgical Combine (MMK) – by 1.51 percent to 72.9 rubles, Novolipetsk Metallurgical Combine (NLMK) – 1.6 percent to 217.56 rubles, “Severstal” – 1.39 percent to 1548.8 rubles, “Norilsk Nickel” – 0.98 percent to 23020 rubles.
In late August, it became known about the government’s plans to increase the mineral extraction tax (NDPI) for the metallurgical industry. In response, the Metallurgi offered to raise them the income tax, because otherwise they will be unprofitable to invest in complex projects with a small content of minerals.
According to the latest data, during the four-day negotiations in mid-September, the parties as a whole agreed on options for improving fees. The authorities are planning to increase two taxes at once – NPPI, which will grow for everyone, and profit will increase its companies paying dividends to the detriment of capital investments. Bar size is discussed. Now the NDPI will depend on world prices for raw materials, and not from its cost when mining, as now.
This year, the authorities have already tightened financial rules for metallurgical companies. At the end of May, the Deputy Prime Minister Andrei Belousov accused them of “fattening” states by 100 billion rubles due to the increase in prices in the domestic market. As a result, the government introduced export duties on the export of raw materials from August 1 to December 31, 2021.