Call for Higher Tariffs on Steel Imports

Small steelmakers risk going out of business unless import tariffs are raised, says Rasoul Khalifeh-Soltan, the chairman of Steel Producers Association.

“Considering the global recession in the steel market and China’s steelmaking overcapacity, we demand that the government increase import tariffs to 30%,” he was quoted as saying by Donyaye Eqtesad. The government’s newly approved import tariffs include a 5% hike for steel ingots to 15%; 10% jump for hot and rolled sheets to 20%, in addition to a 10% rise for plated steel sheets to 20%. Many steelmakers believe the government is on the right path, but has not gone far enough to fully protect the domestic mills. The United States has recently imposed a 522% import tariff on steel imports from China.

source: Financial Tribune