The EU Unveils Major Plan to Support the Steel Industry

The European Union has approved a significant support plan for the European steel industry, aimed at assisting the sector amid crisis triggered by Chinese steel imports and tariffs imposed by the Trump administration, delivering a dual blow to Europe's steel industry.

On Monday evening, April 13, the European Parliament and member states reached an agreement to approve measures proposed by the European Commission in October last year to rescue the European steel industry. These measures include doubling the EU's steel import tariffs and cutting duty-free import quotas by 47%, reducing them to 18.3 million tons annually.

Tachelleit, Deputy Director General of the European Steel Association, told AFP: "We are very pleased—what we're now discussing is no longer about stabilizing imports, but about reducing them. This is unprecedented good news."

These new protection measures still require formal approval from members of the European Parliament and all 27 EU member states in the coming weeks and must take effect on July 1, replacing the current system set to expire at the end of June.

European manufacturers are eagerly awaiting this new EU measure to counter Chinese steel.

Additionally, over the past year, European manufacturers have also suffered heavily from the 50% punitive tariffs imposed by former U.S. President Trump on steel and aluminum imported into the United States.

According to the latest data from the European Steel Association, Europe’s steel production fell to 125.8 million tons last year—the lowest level ever recorded—far below China’s output of 960 million tons.

EU Commission Vice-President Szczurek welcomed today’s agreement, calling it a "turning point" for the steel industry, and emphasized that "this measure will address the negative impacts of global steel overcapacity, which is expected to reach 721 million tons by 2027—more than five times the EU’s annual steel consumption—and will also safeguard approximately 2.5 million jobs linked to steel production while supporting the EU’s decarbonization goals."

Source: rfi

Original: toutiao.com/article/1862460475089923/

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