Today's Edition
BRUSSELS (WAM)
The European Commission has announced new measures to reduce duty-free steel imports into the European Union in an effort to shield the bloc’s steel industry from rising Chinese imports and the impact of renewed US import tariffs.
The new measures include reducing the annual increase in duty-free steel import volumes under existing safeguard provisions from 1 percent to 0.1 percent.
Additionally, the Commission will prohibit the rollover of unused import quotas for heavily imported steel products into subsequent periods.
These decisions follow a market review conducted by the Commission at the request of 13 EU member states, which found that the European steel sector is struggling due to surging imports and declining demand.
The Commission stated that the new measures will give European steel producers much-needed breathing space to ramp up production, regain lost market share, and boost employment and investment in green steel production.
The measures are scheduled to come into effect in July and form part of a broader action plan unveiled last week to protect EU steel manufacturers.
European Commission Vice-President, Stéphane Séjourné, also announced plans to further reduce overall steel imports by an additional 15 percent starting in April.
The EU first introduced safeguard measures in 2019 in response to a 25 percent import tariff imposed by then-US President Donald Trump during his first term.
A similar scenario has since re-emerged with the reimposition of the 25 percent tariff by Trump earlier this March.
