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According to Reuters, the European Commission announced on Tuesday that it will tighten steel import restrictions starting next month to protect the vulnerable European steel industry from the impact of a surge in imports.
The EU will reduce import quotas as a safeguard measure to limit the duty-free import of steel by 27 countries. This move confirms the statement made by Stefan Sejuan, Vice Chairman of the Committee, last week.
Sejuan said in an interview with Reuters that these measures will reduce the inflow by about 15%.
The quota import volume reflects a fixed trade flow and is not subject to tariffs. Any steel imports exceeding the quota will be subject to a 25% tariff.
The committee stated that countries will also be unable to extend unused quotas from other countries, as well as categories with high import pressure and low consumption.
Tightening measures will provide EU steel producers with a breathing space to increase production and recover lost market share. It also aims to increase employment and investment in green steel production, "the statement said.
