AISI: Alliance Forges Extension of Steel Agreements

AISI
AISIImage Source: SteelGuru

Synopsis:

The American Iron and Steel Institute lauds the U.S.-EU accord prolonging tariff-rate quotas on steel and suspending retaliatory tariffs until 2025. This extends discussions for a Global Arrangement on Sustainable Steel and Aluminum. AISI advocates addressing global steel overcapacity and carbon emissions in imported steel. President Biden is set to formally prolong TRQs by year-end.

Article:

The American Iron and Steel Institute (AISI) expresses approval for the extension of steel tariff-rate quotas (TRQs) and the suspension of retaliatory tariffs between the United States and the European Union (EU) until 2025. This extension marks a significant development in the ongoing negotiations aimed at establishing a Global Arrangement on Sustainable Steel and Aluminum.

The agreement provides a critical window for further deliberations on tackling the intertwined challenges of non-market excess capacity in the steel industry and the carbon footprint associated with imported steel. AISI emphasizes the pivotal nature of these issues, highlighting their substantial impact on the future trajectory of both the U.S. and EU steel sectors.

Kevin Dempsey, President and CEO of AISI, underscores the Institute's commitment to supporting the formulation of a comprehensive international framework. Such a framework aims to effectively manage the issue of surplus steel production globally while addressing the environmental concerns linked to the carbon intensity of imported steel.

Dempsey acknowledges President Biden's imminent issuance of an official proclamation before the year concludes, affirming the extension of tariff-rate quotas until the conclusion of 2025. This extension demonstrates a continued commitment to fostering productive negotiations towards sustainable solutions within the steel industry.

Conclusion:

The American Iron and Steel Institute (AISI) applauds the United States and European Union's decision to extend steel tariff-rate quotas (TRQs) and suspend retaliatory tariffs until 2025. This extension paves the way for ongoing discussions centered on establishing a comprehensive Global Arrangement on Sustainable Steel and Aluminum. AISI remains dedicated to addressing the challenges of excess global steel capacity and carbon emissions in imported steel, crucial aspects for the future of both U.S. and EU steel industries.

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