The probe follows a complaint filed by the European Steel Association (EUROFER) as per a company statement to the London Stock Exchange (LSE) on Monday.

Dumping is the process of exporting a product at a lower price in the foreign market than the price in the exporter’s local market.

The EUROFER demands applying anti-dumping duties on Egyptian exports - accordingly on the exports of Ezz Steel, being the sole Egyptian exporter- of hot rolled flat steel to the EU.

Ezz Steel is required to submit certain data in the upcoming weeks, according to the statement.

The probe is expected to be lengthy as “the complaint includes a number of countries and the information is required with a high level of detail,” read the statement.

Ezz Steel stressed to LSE its commitment to fair trade and compliance with the trade World Trade Organization (WTO) rules.

The company pledged full cooperation with EU authorities, providing requested data and defending its position and interests, and those of the Egyptian steel industry.

The EU is a key market for Ezz Steel's flat steel products.

Locally, the Egyptian steel giant raised steel prices in November 2023 to a record EGP 37,305 per ton, up from EGP 32,135 in March.

The steel production had slowed down in 2023 due to foreign currency shortages and decreased local demand.