Government to charge Egypt steel makers for energy costs

Egyptian steel producers have been informed by the government of plans to retroactively charge for an increase in energy prices, Ahram has reported.

The new prices were be applied from January 1, 2012, a move that has upset representatives from the metal industry. The government announc ed in J anua ry a 33% increase in the prices it charges heavy industry for supplies of natural gas and electricity in a bid to narrow its growing budget deficit. "They are not ready to accept such a decision given that it's being retroactively applied," said Mohamed Hanafi, head of the Egyptian chamber of metal producers.