The Moroccan Ministry of Industry, Investment, Trade, and Digital Economy has launched an investigation into a glut of iron and steel sheets in the market. The investigation is expected to take up to nine months extendable to one year.
This came as a response to a complaint by Maghreb Steel and feedback issued by the import control committee in this regard during its latest meeting on May 22.
The ministry said that Moroccan imports of relevant products rose 31 percent during 2017-2018 and increased 54 percent between 2014-2018. It attributed this rise to updated conditions including the increased global productivity of steel and iron products, the intensity of commercial war and the countries seeking refuge in protective procedures.
Maghreb Steel underwent huge damage due to the rise of imports coinciding with the drop of sales, product, and the company’s share in the market, as well as its exports’ volume – the statement of the ministry, added that Maghreb Steel’s situation is threatened to worsen in the near future.
The ministry also addressed companies concerned in Maghreb Steel’s complaint with questionnaires. It determined July 4 as a deadline for relevant parties to express their points of view and pass their written remarks.
Iron and steel sheets are of great significance to Morocco within the expansion in the automobiles sector – high hopes are pinned on this sector to rescue Maghreb Steel from its crisis and keep it distant it from having the fate of other iron products’ companies.