Steel industry expects EU to react quickly to US tariffs

The EU does not need a customs war, but it would be very risky not to take any action.

“This gives the people of Europe a signal that we are weak and we cannot defend them. Then they will lose confidence in the EU as a whole. That is why I am calling for a strong, unified response from the commission, ”said Bruno Le Maire, Minister of Finance and Economy of France, at the conference, Eurofer on the problems that Europe's steel and aluminum tariffs pose.

The closure of the US imported steel market could add another 13 million tonnes of steel to Europe.

The first shipments can occur in Europe 3 weeks after the introduction of customs duties in the US, so the EU needs to react quickly. In theory, the EU can respond within a month.

The closure of this line of sales is the first problem caused by section 232. The second is the increased import pressure on the European market. Gert van Poelvoorde, President of Eurofer, recalled that last year a record amount of steel was imported into the European Union - 40 million tons. “Imports to the United States amounted to 35 million tons. - We fear that 13 million tons from this basin will look for a place with us. It would be a disaster, ”said van Poelvoord.