RPT-EU should do more to curb steel imports from Asia, says Acerinox CEO [Yahoo! Finance]
ACERINOX SA UNSP/ADR (ANIOY)
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Source: Yahoo! Finance
April 26 (Reuters) - The boss of Spanish steelmaker Acerinox says the European Union should do more to curb steel imports from Asia, which are hurting some of the EU's mills as demand and prices weaken. "China raised steel production by 13% in 2023 while the rest of the world lowered it due to weaker demand. Indonesia and China have already surpassed 70% of the world's steel production share", Acerinox CEO Bernardo Velazquez told Reuters. With domestic demand not recovering as much as expected, China's exports of steel products rose by 25% in March year-on-year to 9.89 million metric tons, the highest since July 2016. The call for more action comes after Acerinox warned on Thursday that the European market had shown little sign of recovering, even with its Cadiz mill in Spain being shut for three months due to an ongoing strike. The EU already has punitive tariffs in place on 18 grades of Chinese steel and stainless steel products and set quotas on all steel imports as part o
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