EU must respond to Trump's steel tariffs - L.N. Mittal

ArcelorMittal CEO said in an interview with a German newspaper that Europe urgently needs to take further measures to offset the impact of import tariffs imposed by US President Donald Trump. L.N. Mittal, Chief Executive Officer of ArcelorMittal, said that “The EU announced protective measures, but they were not effective. Further action is urgently needed given the import tariffs that US President Donald Trump has imposed on steel imports to the United States. Across Europe, the steel industry is struggling with cooling demand and rising supply, in part because steel tariffs deflect supplies from the United States. There are gaps in the EU guarantee clauses - it's too easy for exporters to dodge them, and the consequences are enormous: we have a surplus of steel. ”

Mr Mittal said that imports to the European Union have increased by 30-40% since 2017. He said it would be negative if the European Commission relaxed tariff protections for the steel industry in July, adding that a revision of the safeguards would have to be completed before the permitted import levels are reduced. He said: "From July 1, imports to the EU may increase by 5%, but in fact we will need a 20% reduction to return to 2017 levels."

He added that quotas are also required for individual exporting countries of hot rolled steel coils.

Mittal said he was concerned about the situation in the European steel market, saying that the trade conflict between the US and China is also hurting Europe.

He also pointed to growing trade tensions between the United States and Europe, a weakening economy in China and Brexit uncertainty.