Egypt steel firms seek anti-dumping duties on imports

NEW YORK, July 23, (RTRS): Egypt’s steel companies have filed a petition against rebar and wire rod imports from China, Turkey and Ukraine, one of its top steelmakers said on Tuesday, the latest move in a years-long quest to protect the fledging industry from low-priced imports.

Egyptian Steel and other major steelmakers have submitted a request for the government to re-introduce anti-dumping duties on imports of rebar and wire rod, used in the construction industry, Ahmed Abou Hashima, chief executive of Egyptian Steel said in an interview. The filing was made in May.

The industry moved quickly after former army chief Abdel Fattah al-Sisi won the country’s presidential vote, putting a military man back in power after the brief hiatus of Islamist control.

It comes at a critical time for Egypt’s steel industry, which is still recovering from political turmoil, and for a global market struggling with low prices and overcapacity due to lackluster demand.

“How can (foreign) rebar and wire rod enter Egypt with zero customs? We have very high-tech industries in Egypt, especially in steel, but we must protect them (from foreign imports),” Abou Hashima said. “We have to change from customers to industrials: that’s the only way a country can grow.”

According to steel industry body Worldsteel, Egyptian steel output fell at an annual rate of 8 percent in the first four months of 2014, to 2.05 million tonnes, after rising just 1.9 percent last year amid the turmoil surrounding the overthrow of former Islamist President Mohamed Morsi.