Turkey's Ministry of Economy has issued a press release today, July 27, stating that it will continue to protect the Turkish steel industry, which is important for the Turkish economy, from the harmful impacts of increasing imports with trade defense instruments, if needed, or with regulations to be implement within the framework of Turkey’s import regime.
According to the Ministry of Economy’s statement, the increase in global steel capacity continues due to government incentives particularly in developing economies and output capacity is expected to reach 2.4 billion mt in 2017. Meanwhile, the surplus on the supply side of the global supply-demand balance in recent years and the extreme volatility of input costs has increased the pressure from imports and, as a result, has affected domestic production activities adversely. The Ministry of Economy stated that, because of the reasons mentioned, Turkey has become a net importer of steel products, while it stressed that Turkey will continue to protect its steel industry from unfair imports.