Cairo – Mubasher: Egypt Aluminum said that the Ministry of Trade and Industry’s decision to impose anti-dumping duty on aluminium imports will have a positive impact on the company’s results and local sales.

The decision, which will be in effect for three years starting from mid-April, is aimed at protecting the local industry from dumping practices, the company said in a bourse disclosure on Wednesday.

The rate of the duty imposed on imports will be 16.5% of the cost, insurance, and freight (CIF) value at a minimum value of $333 per tonne in the first year, 13.5% of the CIF at a minimum value of $271 per tonne in the second year, and 10.5% of the CIF at a minimum value of $211 per tonne in the third year.

During the first half (H1) of fiscal year (FY) 2020/2021, Egypt Aluminum incurred net losses of EGP 341.3 million, compared to EGP 595.7 million in the year-ago period.