UPDATE 1-Brazil sets import quotas, tax for 11 steel products [Yahoo! Finance]
USINAS SA B PFD S/ADR (USNZY)
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Source: Yahoo! Finance
for 11 steel products and impose a 25% tax on them when those volumes are exceeded, a state foreign trade entity said in a statement. The government, which said the measure will be in place for 12 months, did not provide details about the quotas or products involved, but noted it was also considering implementing quotas for four other steel products. Brazil's steelmaking sector had been long asking the government to impose higher taxation on steel imports, claiming that cheaper steel from Russia and China had been "flooding" the local market and making Brazilian firms idle plants. "The government will monitor market conditions during these 12 months and hopes the measure will contribute to reducing idle capacity in the local steel industry," the government's Gecex/Camex body said. Gerdau, Usiminas, CSN and the local units of ArcelorMittal and Ternium are some of Brazil's largest steelmakers. (Reporting by Lisandra Paraguassu in Brasilia and Andre Romani in Sao Paulo; editing b
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