Bloomberg News

Severstal CEO Doesn’t See Increase in Steel Taxes After Election

September 29, 2011

Sept. 29 (Bloomberg) -- OAO Severstal Chief Executive Officer Alexey Mordashov said he doesn’t expect the new government formed after Russia’s 2012 presidential election to raise taxation on steelmakers.

The steel industry is volatile and less profitable than oil and gas, billionaire Mordashov said today at an investor conference in London. Russia’s business environment doesn’t allow for increasing taxation, he said.

To contact the reporter on this story: Ilya Khrennikov in London at

To contact the editor responsible for this story: Torrey Clark at

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