Government keen on supporting heavy industries: PM

CAIRO – 20 November 2017: The Egyptian government is committed to creating a supportive environment for heavy industries in order to boost its contribution in the national economy, Prime Minister Sherif Ismail said Monday.

Ismail made the statements during a meeting with steel investors in Egypt which was attended by Ministers of Finance, Investment, Electricity and Justice, a Monday statement from the cabinet said.

The meeting reviewed the iron and steel industry in Egypt and the recommendations of producers to protect this industry and increase its exports.

To protect local steel manufacturers suffering from losses, Minister of Industry and Trade Tarek Kabil imposed in June a temporary tariff at 17 percent for Chinese steel, 10-19 percent for Turkish steel, and 15-27 percent for Ukrainian steel.

Local steel producers are looking to seal export deals, benefiting from a temporary anti-dumping tax on rebar steel imports from three countries.