Peru steel producer Aceros Arequipa announced to submit a proposal to national securities and Exchange Commission, will suspend the Arequipa Arequipa region production activities.

Aceros Arequipa said that this is due to the unfair competition caused prices of dumping on Chinese steel imports. Also, the company is unable to compete in the current economic conditions.

Aceros Arequipa said under the current competition situation, impacted by the company for more than a year, and during this period the company also asked the country's anti-monopoly agency Indecopi started the investigation of hot-rolled coil imports from China, but the authorities did not accept the request of Arequipa.

The company said it would focus on Pisco production, in order to reduce costs, and the supply will not be affected.