(MENAFN) Austrian fireproof materials maker RHI has second thoughts about setting up a new plant in Brazil, after the country increased import duties and introduced new anti-dumping duties as new measures to protect local manufacturers and revive its economy, Reuters reported.
Last year, RHI unveiled plans to build a USD112 million plant in Queimados that was scheduled for completion in the third quarter of 2013.
The plant was designed to produce 60,000 tonnes per year, more than half of which was directed to the domestic market and the rest for elsewhere in South America.
It was also planned to supply the plant, which was approved by the Brazilian government in the second quarter of this year, with input materials imported from abroad.
Brazil has launched more than a dozen stimulus measures since a sharp slowdown in late 2011, including raising tariffs on 100 foreign products to protect local manufacturers from a flood of imports.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.