The European Union will harden the imports of steel import to reduce tickets by an additional 15% as of April.
The European Union It will seek to reduce the Import of Steel and that is why it will cut an additional 15% as of April, a high EU leader said Wednesday, A measure aimed at preventing cheap steel from flooding the European market after Washington imposed new tariffs.
European steel producers, who already face high energy prices and the competition of Asia and other places, warn that The EU runs the risk of becoming the destination of cheap steel diverted from the US marketwhich could lead to the closure of European plants.
“At a time when no one respects the norms of the World Trade Organization and everyone talks about national security, (…) The EU cannot be the only continent that lets its industry crumble“The executive vice president of the European Commission told Reuters, Stéphane Séjourné.
Since the US market now made less commercial sense after the 25% tariff in force imposed by the government of President Donald Trump, Séjourné predicted that the producers of Canada, India and China would seek to sell increasing volumes in Europe.
Steel tubos.jpg
The Commission will propose on Wednesday a series of Trade related measures to boost its maltrecha metallurgical industry as part of a new European Action Plan of Steel and Metals. A draft of the plan to which Reuters had access this week showed that the EU was studying import restrictions.
EU seeks not to deteriorate its steel industry
Séjourné, responsible for defining the industrial strategy of the block, said that a first measure would be to reduce import fees, known as safeguards, for multiple steel qualities from April 1, which would reduce tickets by approximately 15%. Imported volumes within the fees reflect the established commercial flows and are not subject to tariffs.
Any importation of steel outside the quota will be affected by a 25%tariff. Since July 2019, the volumes of the quotas increased by more than 25% as the block meets the WTO standards.
In 2024, the EU imported around 60 million metric tons of steel, of which 30 million were inside the fee free of tariffs.
The Commission will also establish new measures in the third quarter to replace reinforced safeguards, which according to WTOs cannot be extended beyond June 30, 2026. Séjourné said that the new mechanism will be much more strict after industry appeals. The details are still to be determined.
Source: Ambito
