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Russia’s ministry of industry to support metallurgy sector by administrative measures

November 10, 2014, 1:36 UTC+3 BEIJING

“No extra financing of the metallurgy sector is planned,” minister Denis Manturov said

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BEIJING, November 9. /TASS/. Russia’s ministry of industry and trade will support Russian metallurgy sector by means of administrative tools, minister Denis Manturov told TASS on the sidelines of the Asia Pacific Economic Co-operation (APEC) summit in Beijing on Sunday.

“No extra financing of the metallurgy sector is planned,” he said. “Support will be offered by means of administrative tools. For instance, metallurgy products will be given top priority under state contracts. Moreover, preference will be given to Russian-made metallurgy products. I think these are the most efficient measures, the more so as metallurgical companies have considerably overhauled their production facilities in the past ten years.”

Apart from that, he said it was planned to use the best available technologies at metallurgical enterprises, especially active in non-ferrous segment. “We plan certain tax privileges, easy loans from the Industry Development Fund,” he said. “There is a tariff and customs component, which is permanently adjusted in order to support our industrial enterprises.

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