The president of the Brazilian steelmaker Companhia Siderúrgica Nacional (CSN), Benjamin Steinbruch objects to calls for Brazil to cut its duty on steel imports, a local newspaper reported Monday.
Steinbruch was responding to Finance Minister Guido Mantega's threat to cut steel import tarriffs to zero in reaction to rising domestic prices.
Steinbruch maintains that the domestic steel sector would be damaged by the removal of the recently-imposed 15 percent tarriff on steel imports and said that import volumes have not been affected adversely by the tax. The tax was reintroduced in June after three years at zero percent. Steinbruch says that CSN has raised prices for steel distributors in recent months, but only by 10 percent since September. He also said that the firm has not raised steel prices for industrial clients, such as car and appliance manufacturers, and that scrapping the tax would be akin to "importing jobs from abroad."CSN is a Brazil-based integrated steel producing company. The firm produces a range of steel products, including slabs, hot and cold rolled, galvanized and tin mill products for the distribution, packaging, automotive, home appliance, and construction industries.