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Egypt Aluminum reveals impact of anti-dumping aluminium tariffs

Egypt Aluminum reveals impact of anti-dumping aluminium tariffs
The decision will be in effect for three years starting from mid-April
Egypt Aluminum
EGAL
-2.77% 16.33 -0.46

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.