Egypt imposed Sunday an eight percent tariff on CIF (Cost, Insurance and Freight) with a minimum of LE408 per ton to be eliminated gradually over three years.

The decision aims to reinvigorate an industry suffering from losses due to cheap imports, Minister of Foreign Trade and Industry Mounir Fakhry was quoted as saying by state news agency MENA.

Losses of the local steel industry mounted to LE496.3 million in the first nine months of 2014, added Fakhry, according to MENA.

Domestic steel producers filed a petition in June 2014, after which the ministry imposed a temporary tariff on CIF of 7.3 percent and began an investigation into the matter.