The European Commission has announced a new initiative to protect the steel industry of the European Union. Among the key provisions of the proposed package of measures is a significant reduction in the volume of duty-free steel imports to the EU to 18.3 million tons per year, which is 47% less compared to the quotas for 2024, as well as an increase in tariffs on steel imports to 50%.
This is reported by Business • Media
Objectives of the Changes and Further Consideration of the Proposal
The proposed innovations aim to protect European producers from competition from imported steel from countries with excess production capacity. These measures are intended to replace the current package of protective mechanisms, which will expire next year. For the initiative to take effect, it must be reviewed by the European Parliament and the Council of the EU.
Impact on Ukraine and Quota Specifics
When distributing steel import quotas, the European Union will take into account the interests of Ukraine as a candidate country that is at war. Ukraine remains among the top ten steel suppliers to the EU and, according to the new system, will be able to benefit from duty-free tariff quotas.
The European Commission assured that the plan to protect the EU steel industry will not harm trade between Ukraine and the European Union.