Trade Ministry To Relax Ban On The Exportation Of Ferrous Scrap Metal

The Minister of Trade and Industry, Haruna Iddrisu on Wednesady met the steel manufacturing companies, foundries, scrap dealers and members of the Ferrous Scrap Metal Monitoring Committee regarding the recent legislation that banned export of scrap metals. In a statement issued on Wednesday and signed by Nana Akrasi Sarpong, the Acting Director of Communications and Public Affairs of the Ministry, a revised Ferrous Scrap Export Bill will be laid before Parliament in October, 2013 when it resumes sitting. According to the statement, there could be "a window of opportunity" for legal exportation of scrap metals "on justifiable grounds with payment of export levy on the scrap by the dealers". "These scrap are those that have been rejected by the Steel Companies but which are in need abroad. The export will also be for environmental improvement purposes." Mr Iddrisu further directed the steel companies to pay the scrap dealers within a period not exceeding twenty-one days after the supply of the goods for various reasons, the statement observed. "These decisions were taken as part of measures to streamline the demand and supply of ferrous scraps in the country." The Minister has decided to review LI2201 to grant that legal exportation of ferrous scrap as and when necessary. He, therefore, tasked the Monitoring Committee to come out with proper records of export of ferrous scrap before and after the ban.