Steel News

EU Steelmakers Push for Lower Import Limits

6/8/2020 - Europe’s leading steelmakers are calling on the European Commission to lower the limit on the amount of steel that can be imported tariff-free into the bloc, saying that a potential flood of inexpensive steel threatens an already imperiled industry. 

In a letter signed by more than 30 top executives at EU steel companies and trade associations, the executives argue that while the European industry has been hobbled by the novel coronavirus pandemic, steel-exporting countries are continuing to produce, setting up the potential for a crushing wave of inexpensive imports. 

“Steel demand has fallen by 50% since the start of the COVID-19 pandemic in March. Our industry has had to cut production sharply to adapt to these changed circumstances, with 40% of the EU steel workforce laid off or having to work part time. Meanwhile, countries such as China, India, Indonesia and Russia have not rested: they continued, or are restoring, steel production and stockpiling,” they wrote. 

“The imminent risk of cheap steel offers flooding the market would hamper our recovery and the survival of one of Europe’s strategic industries, one that sustains 2.6 million direct and indirect jobs in the EU.”

You can read the entire letter here. The Bloomberg news service also has coverage here.