So that essentially means a publisher takes even more than valve, while doing almost nothing.
Then publisher takes 70-90% before recoup and 50% afte of what remain after VAT, refunds and Valve's 30%.
Problem is when you spent $100,000 and sold lets say for $400,000:
* Valve gets $133,000
* Publisher gets $100,000 + $90,000
And you get $90,000 and real number would be much worse because VAT, refunds, etc.
Oh, dont forget to pay your taxes on $90,000. Good luck!