President of Ukraine Volodymyr Zelensky has signed the law on amendments to Section II Final and Transitional Provisions of the law of Ukraine on amending certain laws of Ukraine concerning reducing the shortage of ferrous scrap on the domestic market, by which it is proposed to prolong the export duty in the amount of EUR 58 per tonne for another five years.
“This document extends for five years – until September 15, 2026, the period of validity of the export duty rate of EUR 58 per tonne for waste and scrap of ferrous metals. Thus, conditions are created to prevent a shortage of ferrous scrap in Ukraine, which will contribute to smooth operation of domestic metallurgical industry, preserving jobs and increasing tax revenues to the budgets of all levels,” the press service of the head of state said.
In addition, the document will help reduce greenhouse gas emissions into the atmosphere, which is in line with Ukraine’s intentions to join the European Green Deal, since each tonne of recycled scrap metal saves 1.5 tonnes of CO2, 1.4 tonnes of iron ore and 740 kg of coal.
“Recycling of scrap into steel requires only 1/3 of energy costs in comparison with the production of steel from primary raw materials,” it said.
The law comes into force the next day after its publication.