FINANCIAL NEWS

Saudi ministry denies canceling steel tariffs

14 Apr 2010

(MENAFN) Saudi Arabia’s Ministry of Trade and Industry denied recent media reports and said that it has not cancelled the import duty on steel, Al Arabiya reported.

A ministry spokesman said earlier that the 5 percent import duty imposed on steel rebar had been lifted, as the government tries to lessen a shortage of the building material in the Kingdom and encourage traders to ship the steel into the country.

The government aimed to prevent a shortage from delaying construction projects, the spokesman said earlier; however, the Ministry denied duty cancellations and said that it will continue to impose tariffs on steel.

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