Head of the Federation of Egyptian Industries (FEI) Mohamed Al Suwaidi said on Tuesday that Egypt's decision to impose temporary protection tariffs on imported steel would protect domestic manufacturers.
Industry Minister Monir Fakhry Abdel Nour has taken a fair decision to realize the best interest of the steel manufacturers and the consumers, Al Suwaidi told MENA.
Foreign producers have achieved a great deal of economic improvements at the expense of Egypt's national industry, he pointed out.
No country of origin has gone through long-running local crunch that has hit economy during the past year, he added.
The decision was made by an impartial panel to help the minister take insightful steps, he insisted.
Under the decision, 7.3 percent of tariffs per ton of steel will last for a maximum of 200 days.
The country's major steelmakers have been petitioning the government to impose anti-dumping measures on cheap foreign rebar and wire rod imports.