EU Tightens Steel Import Quotas Amid Global Trade Shifts

The European Union is set to tighten steel import quotas by 15% from April to combat the influx of cheap steel, mainly diverted from the U.S. market after tariff hikes. This move aims to protect European steel producers struggling with competition and high energy prices.

The European Union is poised to reduce steel import quotas by 15% starting in April, according to a senior EU official, aiming to curb cheap steel imports inundating the market following U.S. tariff implementations.

EU steel producers, already under pressure from high energy costs and global competition, particularly warn that Europe risks turning into a dumping ground for steel redirected from the U.S. European Commission Executive Vice-President Stephane Sejourne stated that while global trade tension heightens, Europe cannot allow its steel industry to falter.

In conjunction with the tighter quotas, the EU plans a broad strategy known as the European Steel and Metals Action Plan to bolster the industry. Drafted measures include a 15% cut in import quotas and potential trade defense enhancements, as reliance on external imports for strategically vital resources like steel poses significant risks.

(With inputs from agencies.)