Egypt - Companies - Steel market is recovering, new royalties should be imposed on imports

18/05/2013

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Steel market is recovering, new royalties should be imposed on imports

Last Update: 25/10/2011 08:37:43
Chairman of board of directors for "Egyptian's Steel" Company, businessman. Ahmed Abu Hashima said that his company has actually started the preparations and initial procedures for operation and applying an eco-friendly technology in steel industry, pointing out in his release to "Alyoum Alsab'a" that these procedures are scheduled to end next month, He added that the company ,which has possessed an operation license last July, is seeking to build an enormous investing edifice in Menya province consisting of an integrated industrial complex for reinforcing iron rolling in order to serve the western provinces.
Queried about the current situation in steel market, he ascertained that it is going under a recovery phase despite the contrast in selling and buying, hinting to the urgency of more investments entering the market to encourage labor, especially under the economic conditions the country is experiencing.
Not far from this issue, a number of steel producers asked for the necessity of imposing a protection fee on the imported materials which are imported from Ukraine and Turkey tax-free which threatens the local industry, this suggestion was welcomed by Mr. Abu Hashima saying: "the absence of fees on the imported materials is threatening the small-sized mills which should enjoy our full support", saying that all the countries exporting to Egypt imposes fees on the imported materials coming to its ports, asking Dr. Mahmoud Eisa, Industry Minister, to study this issue in order to protect the local industry.
Source: Alyoum Alsab'a

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