Turkish iron and steel producers to support OECD subsidy ban

Turkish iron and steel producers to support OECD subsidy ban

Turkish Iron and Steel producers have approved of the support to be given to the subsidy ban agreement currently under preparation by the Organisation for Economic corporation and Development (OECD) in order to eliminate the state subsidies on steel industry worlddie. Following the February meetings where important steps in the struggle against state subsidies believed to be harming the steel industry worldwide were taken, the next gatherings are scheduled to take place on May 13-14 2003 in OECD headquarters, Paris. A draft text of a final agreement is also scheduled to be signed at the end of 2003. It is believed that the law removing all state subsidies granted via incentive certificates that came into force on April 24, 2003 has had its effect on such decision. The VAT exemptions are the only exceptions granted under such law.