EU members step up protective measures against steel

The final safeguard is proposing country-specific quotas for major exporting countries. The final measures will be implemented early next month. Meanwhile, as noted in the Commission, the temporary safeguards for 23 steel products, introduced in July last year, will remain in effect until February 4, 2019. In addition, the new final measures aimed at ensuring traditional trade flows will be in effect until July 2021, he added.

The protective measures follow requests from several regional governments to take more stringent measures to protect the regional steel sector from flooding with cheap steel imports from other parts of the world. By the way, the introduction of 25% of tariffs on imported steel by the US administration led to the fact that steel originally intended for this country was redirected to other destinations, including EU countries, which caused material damage to the steel industry.

The final safeguard is proposing country-specific quotas for major exporting countries. In addition, it also puts forward quarterly global quotas for all other countries. Quotas are limited to a three month period to limit savings. After the quotas are filled, a tariff rate of 25% will be introduced.

Meanwhile, reports said the measures drew widespread criticism from steel buyers, including the European Association among automakers and a number of steel producers.