May 24, 2019 / 4:08 PM / in a year

Brazil says Turkey backs down on steel tariffs

BRASILIA, May 24 (Reuters) - Turkey has decided not to impose tariffs on steel imports from Brazil after concluding an investigation into a dispute between the two countries, Brazil’s Economy Ministry and Foreign Ministry said on Friday.

“This is an important outcome for economic and trade relations between Brazil and Turkey, because the decision involves a sector of great importance for both countries,” the two ministries said in a joint statement.

In 2016 and 2017, Brazilian exports of steel products to Turkey averaged 400,000 tons a year, the statement said. According to the Brazilian Steel Institute, total exports were 13.4 million tons in 2016 and 15.3 million tons in 2017.

Last year, Brazil’s steel industry, including Gerdau SA , Cia Siderurgica Nacional and Usinas Siderurgicas de Minas Gerais SA, won a permanent exemption from U.S. steel tariffs. (Reporting by Jamie McGeever and Marcela Ayres Editing by Susan Thomas)

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