The SteelOrbis Fall 08 Conference & 59th IREPAS Meeting opened its doors on October 19 in Hamburg, Germany with the participation of more than 250 steel and downstream market players from 50 countries.
Concerning the Egyptian government's removal of export duties on cement and steel, an Egyptian market player George Rizkalla, Executive Director of United Resources Company, commented to SteelOrbis at the conference opening that the decision in question will relieve the pressure on Egypt's steel export market. Meanwhile, Mr. Rizkalla said that the lull in the Egyptian export markets will limit the full advantage offered by the decision; however, he went on to say that the decision was right on time in that it will remove the obstacles which have been hindering Egypt's activity in the overseas markets despite its increasing rebar capacity. Mr. Rizkalla added that exports will bring many significant advantages to the country, in particular as regards foreign exchange.
The duties in question were introduced by the Egyptian government at a time when demand for Egyptian cement and steel were pushing up prices and causing a supply shortage in the country.
The country's export duty on cement had stood at EGP 85/mt, whereas the export duty on steel billet was EGP 180/mt.