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Egypt, GCC steel firms unite in face of dumping

Egypt, GCC steel firms unite in face of dumping
The 2014 Arab Steel Summit currently held in Dubai was dominated by fears of market dumping by Chinese, Turkish and Ukrainian steel products, with participants in the event declaring serious steps to counter the danger posed to Arab investments in the field, according to Egypt Independent website.
Khaled Al-Qadiry, head of the Arab Iron and Steel Union, said the union would conclude its summit with an emergent meeting to discuss serious measures confronting the dumping tide Arab steel markets are currently encountering.
Qadiry told the conference that dumping practices by Chinese imports had had direct impacts on the sales and revenues of Arab producers and their competitiveness. “China has begun to invade Arab markets with products of very low quality”, he said, adding that the union agreed with the Egyptian delegation to the conference to coordinate measures to confront and detect dumping practices with the government in Cairo, as well as providing member states with procedural and legal assistance to that purpose.
Many participants at the conference labelled Chinese products sweeping the Arab markets as “ dragon destroying Arab industries”.
Frank Beckers, a senior advisor at McKinsey & Company, said he currently possesses a 30-paper research mainly blaming Chinese dumping for serious losses to industrial sectors at several developing countries, especially those which witness increasing demands for iron and steel products.