US extends suspension of duties on Ukrainian steel for another year

The United States will extend the temporary suspension of duties on Ukrainian steel under Section 232 for another year. This is stated in a proclamation on the White House website.

“Ukraine’s steel industry continues to suffer significant losses due to Russia’s unjustified, unprovoked, intransigent and unconscionable war against Ukraine,” US President Joe Biden said in a statement.

As noted, in 2023, the volume of Ukrainian steel imported to the United States amounted to less than 1% of all steel imports to the country. Last year, it fell compared to 2022 and is still below the average import volume for 2021.

As First Vice Prime Minister and Minister of Economy Yulia Svyrydenko noted on Twitter, the US decision includes the suspension of tariffs on steel products from Ukraine that are further processed in EU member states.

She emphasized that Ukraine’s steel industry has suffered one of the hardest blows from Russia’s invasion, both in terms of loss of production capacity due to systematic shelling and destruction and problems with export logistics. Therefore, the US decision is a significant contribution to the industry’s recovery.

Washington initially suspended duties on Ukrainian steel for a year in May 2022, a few months after the start of the full-scale Russian invasion, and extended the suspension in May 2023. Last year, Biden’s decree was extended to eliminate duties on EU products made from steel of Ukrainian origin. Duty-free circulation requires a certificate confirming the Ukrainian origin of steel products processed in an EU member state.

As GMK Center reported earlier, in 2023, the United States reduced steel imports (rolled and semi-finished products) by 8.7% compared to 2022, to 28.15 million tons. Last year’s decline was caused by a combination of high import tariffs, increased domestic production, lower demand for steel due to economic difficulties, and geopolitical factors, including sanctions against some exporting countries.