Ezz Steel received a notice from the European Trade Commission regarding the initiation of an anti-dumping investigation into imports of hot-rolled flat steel originating from Egypt, India, Japan, and Vietnam.

This move follows a complaint lodged by the European Steel Association (EUROFER), according to a company statement issued to the London Stock Exchange (LSE) on Monday.

Dumping refers to the practice of exporting a product at a lower price in the foreign market compared to the price in the exporter’s local market.

EUROFER is seeking the imposition of anti-dumping duties specifically on Egyptian exports, including those from Ezz Steel, the sole Egyptian exporter of hot-rolled flat steel to the EU.

Ezz Steel is expected to submit detailed data in the upcoming weeks, as noted in the statement. The company anticipates that the investigation will be extensive due to the involvement of multiple countries and the detailed information required.

Ezz Steel, which considers the EU a significant market for its flat steel exports, has pledged full cooperation with the investigation.

The company explained that it will provide the requested data and defend its position, as well as the interests of the Egyptian steel industry.

Ezz Steel raised its steel prices to a record EGP 37,305 per ton in November 2023, up from EGP 32,135 in March.

More recently, sources have shared with local media that it reduced iron prices in Egypt by EGP 7,020 per ton starting February 27th, bringing the price to EGP 46,500 from EGP 53,520. This reduction comes amid a recent drop in the dollar’s value against the Egyptian pound following the Ras El-Hekma deal.