Saeed Abdallah, head of the External Trade Department at the Trade and Industry Ministry, has announced that the Ministry requested that Egypt be exempted from US tariffs imposed on steel by President Donald Trump. He also stated that the ministry is set to begin negotiations with the US Department of Commerce next week. The Ministry has also been taking all the necessary measures to prevent the rest of the countries affected by US steel tariffs from dumping their products in Egypt.
It is worth noting that the tariffs imposed by the US on steel has no material impact on Ezz Steel or its subsidiary Ezz al Dekheila as the companies do not target the US market for exports.
Ezz Steel: EGP27.17 as of 4 Apr. 2018, Rating: Buy, TP: EGP36.00/share, MCap: USD835mn, ESRS EY/ESRS.CA
Ahmed Hazem Maher
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