Outokumpu supports EU steel protection measures

Finnish stainless steel manufacturer Outokumpu has welcomed the agreement reached by the European Commission, the European Parliament and the Council on new EU steel safeguards, saying the revised framework will provide greater protection for the European steel industry from global overcapacity, unfair competition and carbon leakage.

Lower quotas and higher tariffs are seen as stronger protection

Outokumpu said it supports a new system of protective measures, according to which quota volumes will be reduced by about 47 percent compared to quotas in 2024 The tariff applied to volumes exceeding these quotas will increase to 50 percent.

The company said these changes were necessary in light of the difficult conditions facing European steelmakers. According to him, weak demand in Europe, a high proportion of low-cost imports from Asia, and 50 percent tariffs in the United States have contributed to lower capacity utilization rates among European manufacturers.

Outokumpu President and CEO Kati ter Horst said the new measures will provide additional support to the European steel industry, which the company says continues to face pressure from subsidized imports and circumvention of existing trade measures.

Outokumpu emphasizes fair trade and carbon considerations

In a statement, Outokumpu said it supports free trade, but stressed that trade must remain fair. The company claimed that it