Arab union considers protecting steel industry

Updated 05 December 2014

Arab union considers protecting steel industry

The Arab Iron and Steel Union board of directors met in Dubai recently, in the presence of its members representing the iron and steel industry in Saudi Arabia, the UAE, Egypt, Qatar, Jordan, Algeria and Bahrain.
The participants discussed several subjects on top of which is the unjustified sudden increase in imports to the Arab region, whether from reinforced steel or flat steel products, in very low prices, causing severe damages to the national industry in the concerned Arab countries.
They warned of the destructive effect, particularly of the Chinese imports entering the region in prices much less than the international and local prices, thus threatening the Arab companies whose local markets are exposed to severe dumping, affecting its production volume and profits as well, which in turn damages the large investments in current and future steel industry projects.
The huge production surplus in China instigated several countries, including Canada and America, to impose dumping fees of around 110 percent. While Turkey increased its customs fees on reinforced steel from 15-30 percent to 30-40 percent, some European countries also imposed 13-45 percent customs protection fees on the Chinese flats steel products.
Since the Chinese production of reinforced steel and flat steel sweeps global markets, the Arab Iron and Steel Union warned the Arab governments that the lack of influential customs protection in most of the region’s countries will lead to escalation of the problem.
The union also called on the governments to review the customs fees on imports, and raise it to the level that could stave off the threat of cheap imports, and to put into effect the measures that would ensure compliance of imported iron with the standard specifications that guarantee quality product along the lines of the local product.


Conflict-hit Libya to restart oil operations but with low output

Updated 10 July 2020

Conflict-hit Libya to restart oil operations but with low output

  • There is significant damage to the reservoirs and infrastructure
  • A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker

TUNIS: Libya’s National Oil Corporation (NOC) lifted force majeure on all oil exports on Friday as a first tanker loaded at Es Sider after a half-year blockade by eastern forces, but said technical problems caused by the shutdown would keep output low.
“The increase in production will take a long time due to the significant damage to reservoirs and infrastructure caused by the illegal blockade imposed on January 17,” NOC said in a statement.
A first cargo of 650,000 barrels will be shipped by the Kriti Bastion Aframax tanker, chartered by Vitol, which two sources at Es Sider port said had docked and started loading on Friday morning.
The blockade, which was imposed by forces in eastern Libya loyal to Khalifa Haftar’s Libyan National Army (LNA), has cost the country $6.5 billion in lost export revenue, NOC said.
“Our infrastructure has suffered lasting damage, and our focus now must be on maintenance and securing a budget for the work to be done,” NOC chairman Mustafa Sanalla said in the statement.
Control over Libya’s oil infrastructure, the richest prize for competing forces in the country, and access to revenues, has become an ever-more significant factor in the civil war.
The internationally recognized Government of National Accord, supported by Turkey, has recently pushed back the LNA, backed by the United Arab Emirates, Russia and Egypt, from the environs of Tripoli and pushed toward Sirte, near the main oil terminals.