European Commission wields protectionist powers to shield EU steel [Yahoo! Finance]
SALZGITTER AG UNSP/ADR (SZGPY)
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Source: Yahoo! Finance
To protect an industry heavily impacted by foreign competition, the EU executive proposed on Tuesday to cut in half the amount of steel imported into the bloc duty-free and to impose a 50% tariff on imports exceeding a quota of 18.3 million tonnes per year. To put it simply, this means that the EU is drastically reducing its imports of steel in favour of its own product. “Global overcapacity is damaging our industry. We need to act now,” European Commission President Ursula von der Leyen said in a statement. “The Commission will continue working with industry to protect and create good jobs, and with member states and global partners — including at WTO level — to find long-term solutions to shared challenges,” she added. As global steel surpluses reach record levels — 600 million tonnes in 2023 and over 720 million expected next year, according to the OECD — European producers complain of operating below capacity, under pressure from cheap steel, particularly Chinese steel, w
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