Daily News Egypt reported that 4 steel producers suspend production due to accumulated inventory resulting from competition with imported steel.

The companies are Misr National Steel, Al Obour, October Steel and Al Menoufia.

Sources within the industry assured that other companies are on their way to stop production such as Al Marakby Steel.

The Ministry of Trade and Industry described this move as a maneuver to ask for antidumping fees.

(Sourced from Daily News Egypt)