With the EU recovering from Covid-19, it plans to modify its import restrictions on steel to deter any unhealthy market situation.
The proposal will modify the EU import restrictions published two years ago to defer the undue supply of steel products. Considering the 25% tariff imposed on steel imports by the US would probably shift global steel supply to Europe, causing undue stockpiles on the European market, thus EU modified its import restrictions to combat such a situation.
The “protection measures” aim to impose a 25% tariff on 26 types of imported steel products including hot rolled stainless steel, cold-rolled steel sheets, rebars and railway material after those shipments surpass the three-year average.
The modified steel import restriction will take effect on July 1.
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