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Friday, 15 November 2019

Egypt renews import duties on steel rebar, iron billets

The trade ministry originally imposed the tariffs in April

Ahram Online , Friday 11 Oct 2019
steel rebar
A file photo of A worker holding steel rods at a factory belonging to Ezz Steel, Egypt's largest steel producer, at an industrial complex in Sadat City, 94 km (58 miles) north of Cairo, April 17, 2013.
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Egypt has re-imposed customs tariffs of 25 percent on steel rebar and 16 percent on iron billets for three years, the trade and industry ministry said on Friday.

The tariffs will take effect on Saturday and will gradually decrease over a three-year period.

The ministry first imposed the import fees on steel rebar and iron billets on 15 April for a period of six months, with the option to extend them if necessary.

Iron billets were subject to a 15 percent tariff in the April decision.

The ministry said the introduction of tariffs was in response to a rise in imports that had hurt the local industry.

The iron billet tariffs have been subject to legal challenge from steel re-rolling companies that depend on imported billets, and an administrative court ruled in July they should be suspended.

The ministry appealed the decision and a higher court has yet to rule.

 

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