Turkey-based Erdemir, a part of OYAK Mining Metallurgy Group, has released a press statement on the latest significant adjustments made to Turkey’s inward processing regime.
Murat Yalçıntaş, Oyak’s general manager and Erdemir’s chairman of the board, said he considers the adjustments to be positive for the future of the steel sector in Turkey, stating that the revision of the inward processing regime will not only protect the balance in the local steel sector, but also keep the value-added products made in Turkey within the country’s borders, thus ensuring the future of steel sector, which is a building block of many strategic sectors.
“This regulation implemented by our Ministry of Trade will also have a positive impact on the foreign trade balance, as it shortens the time between foreign currency outflows from imports and inflows from exports. The new regulation will support domestic producers and prevent unfair competition conditions. With the increase in demand for domestic steel, our capacity utilization rates will rise, new investments will be encouraged, and, most importantly, Turkish industry will gain strength,” stated Yalçıntaş, highlighting the importance of supporting local producers against unfair trade.
As previously reported by SteelOrbis, for products to be exported within the scope of the inward processing regime, the minimum share of domestic raw materials to be used in the production of billet of iron or non-alloy, wire rod, slab of iron or non-alloy steel and hot rolled coil sheet of iron or non-alloy steel has been determined as 25 percent in the latest changes to the region. The adjustments also include the evaluation of permit certificate periods.