Source link : https://london-news.net/state-aid-marks-historic-first-for-russian-coal-industry-amid-ongoing-crisis/
One of Russia’s top mining firms has become the inaugural coal producer to receive government assistance amid a worsening crisis in the coal sector, according to the company’s finance deputy director, who spoke to reporters on Monday.
Mechel has secured a three-year postponement on tax and social security contributions amounting to over 13 billion rubles (approximately $166 million), as stated by deputy director for finance Nelli Galeeva.
The firm anticipates saving an additional 500 million rubles ($6 million) monthly once industry-wide relief measures, such as deferred mineral extraction tax and social insurance contributions, are implemented.
“We were among the first to seek government assistance and the first to receive support from the commission led by Finance Minister Anton Germanovich Siluanov,” Galeeva mentioned.
Despite receiving this aid, the future for coal producers looks bleak.
Mechel’s CEO Oleg Korzhov has pointed out that the industry is encountering “serious challenges,” and coal producers are preparing for a drop in sales.
“Mechel aims to decrease coal shipments by about 25% compared to last year,” Korzhov noted.
He described this situation as a “pessimistic” outlook, acknowledging that “shifts in domestic or international circumstances could change the situation.”
Nonetheless, he admitted that the current environment for the coal industry remains challenging, with prices at multi-year lows, a robust ruble hindering exports, and…
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Author : rimmaruslan98@gmail.com
Publish date : 2025-06-30 17:06:00
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