EU unveils new steel import quotas to protect its industry from overcapacity
BRUSSELS - The European Commission unveiled quotas under the new system to limit duty-free steel imports into the European Union, in a move designed to protect the bloc's steel sector and increase its capacity utilisation to 80%.
In the new rules, the EU's annual tariff-free import quotas are slashed by 47% to 18.3 million tonnes, while an out-of-quota duty of 50% is introduced for 26 categories of steel products imported into the EU.
Half of the import quotas have been reserved exclusively for free trade agreement (FTA) partners, with the remaining half available to all trading partners, including FTA partners.
Many of those partners will receive country-specific quotas proportionate to their historic volumes, the commission added.
"Most of the EU's FTA partners will therefore see a market access reduction significantly lower than the average reduction of 47% foreseen by the Steel Regulation," it said.
A "significant number" of partners have provisionally agreed with the these allocations, the Commission said.
The Commission stressed the rules were needed to protect the European steel industry from overcapacity elsewhere in the world and dumping practices.
"Persistent global overcapacity in the steel sector remains a serious global problem and continues to distort international markets," it said.
"The measure restore fair competition in a market affected by distortions linked to overcapacity," it added.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Projects
Latest Multimedia
Latest News
Showroom
CMTS is a leading, well-established EC&I contractor with 37+ years of mining and industrial experience. We execute full-scope EC&I projects with...
VISIT SHOWROOM
The Aluminium Federation of South Africa (AFSA), is the voice of the South African aluminium industry.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
