Eurofer: the market must be protected from US-banned steel

The EU steel industry has been exempted from tariffs on US steel imports, but other issues need to be addressed now.

The European Commission has confirmed the start of a process aimed at mitigating the effects of market shocks that could trigger US tariffs. This procedure applies to 26 types of steel products. The Commission decided to counter the risk of steel entering Europe, originally intended for the US market.

An example would be steel from South Korea, which has suspended trade with the United States. The US wants to cut steel imports from Korea by up to 70 percent. on average for 2015-2017, which will lead to the remaining 30 percent. manufacturers will be looking for a new market. This is about 1.15 million tons, while since 2014, South Korea's exports to the EU have doubled, reaching 3.1 million tons.

“The procedure should be quick and implement safeguards for the broadest possible range of products, in order to prevent harmful effects on the steel industry in the turmoil of commercial hype,” said Axel Eggert, CEO of Eurofer. crisis of recent years and as a result of a flood of cheap steel may collapse again.