Al Jazeera Steel Products Co said it, along with other steel companies in Oman, is working with the government authorities in Oman and GCC to provide adequate support to the domestic steel industry. The company said it expects regional governments to take ‘serious measures’ to stop the dumping of steel products from subsidised or government supported international competitors. The company also noted that the issues faced by Turkey in terms of domestic demand and currency depreciation could place undue stress in terms of low priced Turkish exports into the GCC region. Turkey is a major exporter of long steel products into the region. ‘This is expected to result in increased long product exports to the GCC markets and put pressure on steel producers’ margins in the region’, Al Jazeera Steel said. 

Jazeera Steel: OMR0.242 as of 12 Mar. 2017, Rating: Neutral, TP: OMR0.258/share, MCap: USD80mn, ATMI OM/AJTM.OM