Egypt "urged" for duties on Turkish steel

Egypt needs to impose anti-dumping duties, particularly on Turkey, to protect power-hungry industries including steel if the government reduces energy subsidies, one of its top steelmakers.

Energy subsidies are one of the most explosive issues facing Egypt’s former army chief, Abdel Fattah al-Sisi, whose victory in this week’s presidential vote will put a military man back in power in Egypt after the brief hiatus of Islamist control.

Cuts to energy subsidies, which account for 13 percent of the state budget, are seen as necessary by leading business figures to repair government finances.

But some are now saying they would need other protective measures if energy costs rise.

“I am pro cutting subsidies,” said Ahmed Abou Hashima, chief executive of Egyptian Steel, which expects to be the country’s second largest steelmaker by end-2015.

Abou Hashima cited imports from Turkey, the world’s top steel rebar exporter, as a particular concern.