Egypt’s Ministry of Finance has commenced the imposition of temporary fees of 15% on iron billets and 25% on steel rebar for 180 days, starting April 15, Invest-Gate reports.

“The decision came to protect national industries from unfair competition and bolster the local production growth,” according to a ministerial statement on April 15.

In its statement, the ministry confirmed that the tariffs will be deposited into the account of the Export Development Fund (EDF) at the Central Bank of Egypt (CBE), aiming to support Egyptian exports and create more job opportunities for the country’s youth.

In accordance with the decision, the finance ministry will collaborate with the Ministry of Trade and Industry to make a monthly adjustable indicative price list, whereby import bills provided to the Egyptian Customs Authority should comply.

It is worth noting that Egypt’s steel production is reportedly ranging from 7 mn to 7.5 mn tons per year.