The Ukrainian cabinet announced plans to cut the export duty on scrap metal by 50 percent until 2010.
According to published reports Andrey Beresny, Ukraine’s deputy minister of economics, said that the government assumes to form a special schedule of export duty reduction from the moment of Ukraine’s joining World Trade Organization.
"The level of export duty is planned to be 2 – 2.5 times less than we have now – 30 euros for a ton. Beginning from January 1, 2006 we plan to fix 25 euro for a ton, and during five years we plan to reduce it to 15 euros," said Beresny.
The country’s decision to impose the tariff on scrap metal exports created significant problems for the market over the past year. The World Trade Organization and the European Union had both criticized the move by Ukraine to hike the duty.