EU Steel imports have been under scrutiny by the European Commission following the surge of steel imports into Europe. The Commission announced provisional safeguards involving combined tariffs and quotas for European steel imports earlier this year in July. Current safeguards target several steel product categories and are based on past three years’ steel imports average. Import volumes that exceed the quotas are subjected to 25% tariff. The provisional measures introduced in summer 2018 are scheduled to stay in place for 200 days until February 2019.
European Union Commission’s steel imports probe began in March 26 2018 after US steel tariff announcement. The Commission’s aim is to safeguard the local market against excess steel products that are no longer exported to United States.
According to Reuters reporting, due to unprecedented size of the investigation with 800 interested parties and 28 product categories, Commission overseeing EU steel imports announced definitive measures will have to be in place by February 1st 2019, European Union’s rules allow extending an investigation up to two months in exceptional circumstances.
2018 has been an interesting year for the global steel sector, as Tufan Iron & Steel family we wish you a happy new year!