EC presents WTO with plans to toughen safeguard measures, particularly for HRC

The European Commission (EC) plans to replace general annual quotas for hot-rolled coil with quarterly country-specific quotas and introduce some other strict measures to existing safeguard restrictions against imported steel, Fastmarkets understands.

The EC sent a notice listing the changes to the World Trade Organization on May 29.
The EC initiated a second review of the existing safeguard measures on a variety of imported steel products in February of this year. The review was initiated before the Covid-19 outbreak hit Europe and led to a demand slump and production cuts across the continent.
The EC outlined its concerns that as well as the current demand slump and reduction in sales - which are affecting almost all steel product categories - there is also the future prospect of ‘likely strong geographical asymmetries’ in respective regional recoveries from the Covid-19 pandemic and its impacts.

“It is fundamental that the gradual resumption of activity and return to normality takes place in an orderly manner, in such a way that all participants in the EU steel market find their traditional place without undue advantages linked to the asymmetry...

Published

Maria Tanatar

June 01, 2020

18:15 GMT

London