Egypt: Temporary tariffs protect local steel

Egypt has imposed temporary tariffs to protect domestic steel rebar manufacturers from cheap foreign imports amid a long-running local energy crunch. The 7.3 percent tariffs will last for a maximum of 200 days, but could be made permanent, the Industry and Trade Ministry said yesterday. Egypt has been considering imposing tariffs since late last year to protect domestic steel against imports. The tariffs come at a critical time for the industry, which is recovering from three years of political and economic turmoil, and for a global market struggling with low prices and overcapacity. Egyptian steel companies have been further pressured by energy costs and availability as energy shortages have hit both output and profitability. Steelmakers have been petitioning the government to impose anti-dumping measures on rebar and wire rod imports from China, Ukraine and Turkey after energy subsidies were cut in July. – Reuters