Russian steel town reels in billionaires | beyondbrics

Russian steel town reels in billionaires | beyondbrics:

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Russia’s far flung steel producing regions are feeling the pinch as industrial growth slows down, reducing the income regions get from corporate income tax. So it’s heartening to see that the billionaire co-founders of Evraz have decided to register as tax payers in the remote Siberian town that is home to the Russian steel group’s biggest rolling mill, hoping their own mammoth personal tax payments will make up some of the shortfall.

Alexander Abramov, chairman of Evraz, and Alexander Frolov, the steel group’s chief executive, abandoned their official domicile in Moscow a year ago and re-registered, on paper at least, in the Siberian city of Novokuznetsk where they are paying taxes into the local budget, Vedomosti, the Russian business daily, reported on Thursday. The two men who own a combined 32.4 per cent of Russia’s biggest steel producer made the move in recognition of Evraz’ corporate social responsibility, a source at the company told the newspaper."

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