European Steel Association EUROFER has welcomed the adoption by Member States of the Commission proposal on the continuation of the safeguard measure, which supports the stability of the EU steel market while ensuring smooth supply flows. EUROFER Director General Mr Axel Eggert said “Today, Member States gave massive support for the continuation of the safeguard action. This decision brings stability to the EU steel market while avoiding excessive, market-disrupting steel imports from third countries.”Following the yearly safeguard review, the Commission proposal includes some changes to the quota allowing for the full use of the tariff-rate quota in light of the impact of the Russian invasion on the Ukrainian steel producing and exporting industry. Furthermore, the Commission confirmed that the recent change of the US section 232 import tariff of 25% into a tariff-rate quota for the EU has little to no impact on the functioning and rationale of the safeguard measure. Finally, the increase of the yearly quota volumes has been raised from 3% to 4%. Over the lifetime of the safeguard action, consecutive yearly liberalisation has pushed up quota levels way above the demand situation, which has not recovered yet from the Covid-crisis
European Steel Association EUROFER has welcomed the adoption by Member States of the Commission proposal on the continuation of the safeguard measure, which supports the stability of the EU steel market while ensuring smooth supply flows. EUROFER Director General Mr Axel Eggert said “Today, Member States gave massive support for the continuation of the safeguard action. This decision brings stability to the EU steel market while avoiding excessive, market-disrupting steel imports from third countries.”Following the yearly safeguard review, the Commission proposal includes some changes to the quota allowing for the full use of the tariff-rate quota in light of the impact of the Russian invasion on the Ukrainian steel producing and exporting industry. Furthermore, the Commission confirmed that the recent change of the US section 232 import tariff of 25% into a tariff-rate quota for the EU has little to no impact on the functioning and rationale of the safeguard measure. Finally, the increase of the yearly quota volumes has been raised from 3% to 4%. Over the lifetime of the safeguard action, consecutive yearly liberalisation has pushed up quota levels way above the demand situation, which has not recovered yet from the Covid-crisis
