The new 25% tariffs imposed by US President Donald Trump on all steel and aluminum imports are raising concerns and anxiety among steel exporters around the world, especially Egypt, as the US market is the sixth largest market for Egyptian steel exports by the end of 2024.

Despite the importance of the US market to steel exporters in Egypt, a report issued by the General Authority for Export and Import Control revealed a 45% decrease in Egyptian steel exports to the US market to $126.6 million in 2024, compared to $230.8 million in 2023.

Egypt’s iron and steel exports amounted to $2.25 billion last year, compared to $2.35 billion in 2023, a decrease of 4%.

Samir Noman, the deputy head of the Export Council for Building Materials and Metal Industries in Egypt, said that the high cost of shipping has prompted steel exporters to limit exports to the US market in 2024, and that imposing additional customs duties on steel may push exporters out of the US market and into less expensive markets.

Noman added, according to Al Arabiya, “The expected US customs duties are exorbitant fees on exports, even if they are reduced and only 10% is imposed, enough to force exporters out of the US market.”

He said, “For more than 5 years, iron and steel products have transformed from a global commodity to a regional commodity, and the natural markets for trading the surplus have become in the Middle East and Europe.”

The deputy head of the Export Council pointed out that there are alternative markets to the US market for Egyptian steel products, especially in Europe, Brazil and Saudi Arabia, and said that the council will work to diversify markets in the coming period.