The Brazilian ako Group, one of the largest steel companies in Latin America, expressed dissatisfaction with the influx of Chinese and Russian steel products to the Brazilian market at subsidized prices, and called for a temporary tax on steel imports to protect its domestic industry.
The group pointed out that steel mills in Brazil are suffering from idle capacity of about 40%, due to unfair competition from exporting countries.
The group is demanding a 25% tax on steel imports for at least six months, with Brazil’s steel imports surging, while 61% of them came from China.
