EU likely to clear Steel import curb after US tariffs
LONDON (Scrap Register): European Union countries are expected to approve a scheme to limit imports of Steel into the bloc following U.S. President imposition of tariffs on Steel and aluminum entering the United States.
The vote on Jan. 16 would put in place an effective cap on Steel imports for three years to counter concerns of EU producers that European markets could be flooded by Steel products that are no longer being imported into the U.S.
The bloc imposed “safeguard” measures on a provisional basis on imports of 23 types of Steel product0 in July, with an expiry date of Feb 4. The quota was set at the average level of imports over the past three years, with a 25 percent tariff applied if the quotas are filled.
European auto manufacturers association ACEA called the measures protectionist and said they would harm its members. It added that Steel exports to the United States had only dropped slightly and so little extra Steel was being diverted to Europe.