Date: 7 months ago   Category: Industry

Pipe Metallurgic Company doesn't expect inclusion in Belousov's list because of low profitability on EBITDA — Rambler News Service


Pipe Metallurgical Co. (PMC) doesn't expect inclusion in the list of the Assistant to the President Andrey Belousov who has suggested the head of state Vladimir Putin to withdraw more than 500 billion rubles of super profits for 2017 from the metallurgical, mining, chemical and petrochemical companies. "We can't tell that we are down on to the train of thought of the president, but proceeding from what is declared as criterion of getting into lists (Belousov) as far as I remember, there profitability on EBITDA is key. She at us, of course, has a little improved – there were 15% on the second quarter. But if to be guided by statements in media, about what profitability on EBITDA is super profits, we, to our regret, are far before. If criteria such, then we are sure that we won't be included in this list" — I have told during a teleconference the deputy CEO of Pipe Metallurgic Company for strategy and development Vladimir Shmatovich. He has noted that he can't make statements concerning change of a general political and all-investment situation after the publication in media of the letter of Belousov, but has noted that he "we is members of RUIE - the position of RUIE is on this matter known". "If to speak on business, then we don't put that we will be included (in Belousov's list) there. We have no such natural rent that we could have such profitability. Our profitability – it is exclusive result of our work and the competitive environment" — Shmatovich has told. Also the top manager has noted that Pipe Metallurgic Company doesn't see risks of increase in prices for steel in domestic market after the publication of the list of Belousov. Shmatovich has also told that capital investments of the company following the results of 2018 can exceed $200 million, in the first half of the year they have made $120 million. Earlier it was reported that RUIE was criticized by Belousov's proposal. "The initiative doesn't promote increase in competitiveness of national economy and will lead to mass leaving of investors from the Russian market. Measures for state regulation of income of industrialists liquidate incentives for development of production, increase in labor productivity and overall effectiveness of the companies" — I reported the union, commenting on Belousov's proposal.

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