Egypt to probe alleged harm to local steel sector caused by Turkish imports!

Egypt will look into alleged “harm” accruing to the Egyptian steel industry as a result of Turkish steel imports, Trade and Industry Minister Mounir Fakhri Abdel-Nour has said.

Egypt to probe alleged harm to local steel sector caused by Turkish imports!

Egypt will look into alleged “harm” accruing to the Egyptian steel industry as a result of Turkish steel imports, Trade and Industry Minister Mounir Fakhri Abdel-Nour has said.

“The move reflects [our] keenness to protect the domestic [steel] industry against harmful practices,” Abdel-Nour said in a Tuesday statement.

He added, however, that no data had been provided proving that the local steel industry was threatened by Turkish steel imports.

According to the minister, Turkish steel imports to Egypt rose from 3,000 tons in October to 60,000 in December.

“Some 500,000 tons of steel are needed to meet the needs of the local market,” he said.

Egyptian-Turkish relations have been strained over Ankara’s outspoken criticism of the July 3 ouster of Egyptian president Mohamed Morsi – the country’s first freely elected leader – by the military.

Last month, Egypt downgraded its diplomatic relations with Turkey to the level of charge d’affaires.

In November, the ministry imposed temporary protective tariffs on imported steel at a rate of 6.8 percent – estimated at 299 Egyptian pounds per ton – for roughly seven months. The measure expired in June.

AA

, , , , , , ,