Egyptian local steel manufacturers lose 38 percent of market share

摘要

The Federation of Egyptian Industries submitted a report Sunday to Minister of Trade and Industry Rachid Mohamed Rachid saying that local steel manufacturers lost 38 percent of their market share this year. The report attributed the decrease in sales to the 2.5 million tons of steel imported from Turkey. The report said that the introduction of Turkish steel increased supply to 1.5 million tons, five times the usual inventory rate. This caused some manufacturers to sell at a loss, while others had to close factories. According to the report, these imports threaten current and future investment projects in the steel industry, which are worth some LE40 billion. They also caused the government lose 1.2 billion US dollars in hard currency sales, the report said.