Market sources have told SteelOrbis that the first companies to be approved by Egypt’s General Authority of Export and Import Control for import of rebar into the country are Turkey-based Corbus and ArcelorMittal’s Ukrainian subsidiary ArcelorMittal Kryvyi Rih.
In January this year, the Egyptian government announced plans to impose new import regulations. The new regulations require foreign suppliers, including steel producers, to register with the General Authority of Export and Import Control, which will enable them to be inspected by the Egyptian authorities. It is believed that the new regulations are intended to shore up the country's foreign currency reserves and to protect its local industries.