The EC will present new protective measures on steel imports by mid-October

The European Steel Association (EUROFER) welcomed the commitment made by European Commissioner for Trade Maroš Šefčovič to present protective measures on steel by mid-October to replace the existing ones.

As noted by Henrik Adam, President of the European Steel Association (EUROFER), the new measures should secure EU steel capacity and investment in this strategic sector for Europe’s geo-economic autonomy.

Šefčovič also pledged to continue seeking a common approach with the US on protection against excess capacity in the global steel industry, including resolving the issue of 50% US tariffs on European steel and its derivatives.

These points were raised during a meeting between the European Commissioner and a delegation of CEOs of European steel companies, which took place at the end of last week. The meeting discussed the global crisis in the steel industry and the challenges facing European steelmakers against the backdrop of large-scale investments in decarbonization.

Representatives of the steel industry, in turn, promised to enlist support for trade measures among institutions and industry.

It should be noted that in an exclusive interview with Euractiv, Šefčovič said that Brussels wants to expand the trade agreement between the EU and the US by joining forces with Washington on the issue of protection against steel imports as early as next month.

“By mid-October, we plan to adopt very tough trade defense measures,” he said.

The European Commissioner added that both sides face the same problem of global overcapacity. At the same time, when asked whether China is the main target of the new measures, Šefčovič replied, “They are not the only ones.”

According to him, the bloc will consider total imports – where they will come from to the European market.

Šefčovič noted that since 2008, Europe has lost 60 million tons of production capacity and is the only region in the world where production is actually declining. He also said that the EU is considering the introduction of reliable tracking features to prevent exporters from disguising the true origin of products.

As GMK Center reported earlier, MEPs have called on the European Commission to take ambitious, long-term, and highly effective measures on steel trade. The new safeguard instrument should provide comprehensive coverage of products and address the issue of circumvention.