Steel import tariff of 10% to be introduced
The government will conditionally introduce a 10% import tariff on steel imports to protect the struggling industry with the possibility of more hikes soon, an industry body said yesterday. Cheap imports from China are hurting steel makers with ArcelorMittal warning it could close a plant that employs 1200 people while smaller rival Evraz Highveld Steel and Vanadium has been placed in the hands of administrators to rescue the business. The World Trade Organisation allows countries to raise tariffs up to 10% to protect local industries."The first application for tariffs at 10% of the WTO bound rate will be signed off next week with conditions which are not yet finalised," the Steel and Engineering Industries Federation of SA said, referring to one of several requests for steps to protect the sector...
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