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Monday, 8 July 2019

Egypt’s administrative court suspends 15% import on iron billets

Administrative court suspends 15% import fee on iron billets: The Supreme Administrative Court has suspended the 15% import duty on iron billets imposed by the Trade Ministry in April, Mubasher reported. The court is now seeking expert opinion to ascertain the effects of the duty on local industry. Twenty-one iron factories had filed a lawsuit against the ministry’s decision after the increased price of iron forced them to stop production, according to Al Masry Al Youm. The ministry imposed the 15% levy, together with a 25% import fee on steel rebar, in mid-April for a period of 180 days.

Al Marakbi considers counter-lawsuit: Hassan Al Marakbi, chairman of Al Marakbi Steel Company, told Al Masry Al Youm that he is considering filing a lawsuit against the court’s decision to suspend the duties, arguing that the local industry will be hit by an influx in foreign iron imports.

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