Arab World - Arab Iron and Steel Union - Eng. Ahmed Ezz: The increase in raw material costs poses a challenge that creates tension in markets

09/09/2010

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Eng. Ahmed Ezz: The increase in raw material costs poses a challenge that creates tension in markets

Last Update: 15/03/2010 14:56:13
ArabSteel - Eng. Ahmad Ezz, President of Ezzsteel and Chairman of the Board of Arab Iron & Steel Union (AISU), demanded that Arab governments must take suitable measures to protect the steel industry with its huge investments from the effects of dumping. This came in his address to Arab Steel Summit 2010 held in Marrakesh, Morocco in the period 7-10 March, 2010. "Many countries have imposed protectionist fees on steel imports, on top of which are GCC countries that imposed 5% charge on steel imports after realizing a remarkable volume surplus and price depression, threatening the local industry", he added.
"Steel industry will continue to meet our local markets needs by raising the quantity and quality of production and offering competitive fair prices in order to rise to the ambitions of our consumers in all different sectors", Ezz said.
Eng. Ezz also expected that Arab steel industry will record a growth rate exceeding 10% in the coming year, thus putting the Arab region on top of the promising areas of the world in attracting investments, especially if we noticed that imports still constitute nearly half of the consumption of steel that reached approximately 41 million tons in 2009, showing that there is still a room for new expansions and new design capacities to meet the needs of our local markets.
Eng. Ezz considered the rise in raw material costs a challenge to steel industry, saying that: "the rise in raw materials costs in rates larger than the producers' abilities to raise their prices of end-products applies pressure on their profitability and creates tensions in the market, leading to more suffering". He also added that in spite of the fact that the global situation is not stable yet, but it is far better than it was at the beginning of the crisis.

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