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Treasury opposes surcharge on scrap metal exports, the MRA says

Cabinet this month adopted measures including controlling the export of scrap metal, fast-tracking amendments to the Mineral and Petroleum Resources Development Act, and amending the Competition Act, aimed to pass on "iron-ore price concessions" to downstream steel manufacturers.

20 Dec 2012

However, Bernard Maguire, executive member of the Metal Recyclers Association of South Africa (MRA), said on Wednesday he believes the Treasury was not in favour of the government imposing a surcharge on scrap metal exports.

While the Department of Trade and Industry this month said a "developmental steel price" was a "significant lever" to attract foreign direct investment into strategic manufacturing sectors in the country, the Treasury's stance - that export taxes could have "negative economic impacts" - may complicate this process, BDLive says.

Read the full article on www.bdlive.co.za.