The European Union approves more stringent measures to protect the steel market
Brussels, 8 June / WAM / The European Union approved new, more stringent measures to protect the steel market, after approval by the Council of Member States by a broad majority, following the European Parliament’s adoption of the same resolution.
The new rules are scheduled to enter into force on July 1, replacing the current procedures, with 25 out of 27 countries voting in favor of this amendment.
The new procedures stipulate a reduction in customs duty-free quotas by about 47%, while allowing the import of 18.3 million tons of steel annually without duties.
In return, customs duties of 50% will be imposed on quantities that exceed these quotas, compared to the 25% rate currently in effect.
This step comes within the framework of the European Union’s efforts to enhance the protection of its industrial sector in the face of global pressures and increasing competition in steel markets.
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