SOUTH AFRICA SEEKS TO RAISE IMPORT TARIFFS ON IRON, STEEL

JOHANNESBURG, April South Africa has informed the World Trade Organization (WTO) that it is considering imposing emergency tariffs on some iron and steel imports.

The country’s steel industry had requested the tariff protection because a surge in cheap imports, mainly from China, had hit sales.

The analysis is based on data from Arcelor Mittal, which accounts for 70 per cent of South African steel production.

Labour federation Solidarity says the local steel sector is facing a catastrophe and Arcelor Mittal may have to close down if the government does not act now.

South Africa last year slapped a 10 per cent tariff on imported steel, but the emergency tariff will provide much greater protection.

Source: NAM NEWS NETWORK