South Africa's Steel Sector Faces Import Duty Proposal Amid Crisis
South Africa's steel industry is struggling with oversupply and high input costs, prompting a proposal for import duties. The International Trade Administration Commission suggests a 10% duty to protect local producers from Chinese imports, amid fears of job losses and industry collapse.
South Africa's steel industry is on the brink of collapse due to oversupply and escalating input costs. The International Trade Administration Commission (ITAC) has proposed a 10% import duty to defend domestic producers from a surge of cheap imports, primarily from China.
In a key report, ITAC recommended urgent government intervention under the World Trade Organisation rules, highlighting that imports constitute approximately 35% of local consumption. This could jeopardize major domestic firms like ArcelorMittal South Africa and endanger thousands of jobs.
ITAC's Chief Commissioner Ayabonga Cawe noted the potential for market dumping and diversion following tariffs imposed by the EU and the UK. The commission's recommendations will be open for public consultation, having received over 150 feedback submissions on the matter.
- READ MORE ON:
- South Africa
- steel sector
- import duties
- ITAC
- China
- tariffs
- WTO
- ArcelorMittal
- trade
- job losses
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