KUALA LUMPUR: Malaysia will impose a final safeguard duty on hot-rolled steel plate imports with effect from tomorrow, for a period of three years to protect the local industry.
The safeguard duty is imposed to prevent and remedy the effects of serious injury to the domestic industry caused by the surge in imports of hot-rolled steel plates, the International Trade and Industry Ministry said in a statement.
The progressive liberalisation will be from July 2, 2015-July 1, 2016 (17.4%); July 2, 2016-July 1, 2017 (13.9%); and July 2, 2017-July 1, 2018 (10.4%).
The provisional safeguard duty would replace the provisional duty of 23.93%.
The Government had initiated the safeguard investigation on Aug 18, 2014, based on a petition filed by Ji Kang Dimensi Sdn Bhd on behalf of domestic hot-rolled steel plate producers.
"The petitioner alleged that the increase in the import of HRP (hot-rolled steel plates) from 2011 to 2013 have caused serious injury to the domestic industry," it added. - Bernama
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