Why trade protection is urgent
The global steel overgrowth is projected to reach 700 million mt - six times. Most of this comes from China, where steel is subsidized 10 times more than the OECD average. Grimm argues that without protection, European manufacturers have no chance against such dumping methods.
. Adding to the pressure, the EU-US tariff deal imposed a 50% import tariff on the US, diverting even more of the global steel glut to Europe while closing export routes to EU producers. "Doing nothing in the face of overcapacity would have catastrophic consequences for Europe's steel industry and its value chains," Grimm warned.
The three urgent measures
- Effective Trade Protection
- Robust Carbon Border Adjustment (CBAM)
- "European Content" Quotas
Brussels has proposed import quotas without halving and applied a 50% tariff on excess imports. Eleven EU states support the plan - but Germany has not yet followed.
Grimm criticized loopholes in the current CBAM rules that allow circumvention. He stressed the expansion of CBAM to processed steel products and the maintenance of free EU distributions until the reforms take effect.
In order to avoid subsidizing foreign manufacturers with the help of domestic funds, Grimm Profitability Speed Quotes that ensure public procurement. Grimm reported that Thyssenkrupp is losing contracts to European competitors offering
