PHOTO
Hot-Rolled Steel Sheets and Coils Storage. Image used for illustrative purpose. Image courtesy: Getty Images/ Sasin Gallery
Egypt's steel exports to Europe fell by 90 percent in January after the European Union planned to impose an initial 15.6 percent anti-dumping duty on hot flat steel imports from 7 April, Al Arabiya Business reported, citing a government document.
Steel exports to major markets such as Turkey, Spain, Italy, and Romania declined between 84 per cent and 98 percent, the report said.
However, exports significantly increased to Brazil, Saudi Arabia, Lebanon, and Sudan in January, the daily quoted an unnamed government official as saying.
A committee formed by Egypt's industry ministry will soon travel to Europe to discuss the grounds for the anti-dumping duties plans.
Hot steel production capacity in Egypt reached two million tonnes annually, of which half is exported to different markets, mainly Europe, the report said.
(Writing by P Deol; Editing by Anoop Menon)
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