The Algerian National Association of Banks and Financial Institutions has announced that the ministry of commerce has prohibited the imports of certain steel products, according to local media reports.
Accordingly, imports of wire rods or other alloy steels as well as iron or steel sheet piles have been banned. With this move, the Algerian authorities aim to protect the domestic steel industry and support its development.
Additionally, even though the banks are required not to approve the import of these steel products, imports that have already been in progress and approved by the banks before the announcement will not be affected by the decision.