Canceling excise tax on steel will require repeat discussion amid drop in profitability - Russian ministry

MOSCOW. May 30 (Interfax) - The issue of canceling the excise tax on steel will require a repeat discussion under the current conditions of a decline in the profitability of steelworkers, the Russian Industry and Trade Ministry told Interfax.

"This mechanism was conceived and works in cases of 'excess profitability' of enterprises. However, we see that at the moment, the profitability of steelworks is starting to go down, and that means their profit, as well. If this wasn't noticeable in the first months of the year, then this trend became obvious in May," the ministry said.