“The majority of the 3.8 million tonnes of steel exports from the EU to the US is now de facto under an import ban. With a general rate of 50%, even the most competitive and highest quality steel products in Europe are priced from the market,” says Axel Eggert, Director General of Eurofer.
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According to Eggert, it is important that the EU and the US come to an agreement on tackling a global overcapacity on the steel market. In addition, Eurofer argues for the protection of European steel manufacturers against the influx of cheap steel from other countries that can no longer export to the US.
Tax
The EU protects its own steel sector by imposing import duties when steel imports exceeds the level of recent years. This measure will expire next year and the European Commission has promised to come up with a new ‘very effective trade measure’. Eurofer is calling on Brussels to almost make it, because there is actually too much steel on the market worldwide.
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“We are flooded by cheap foreign steel. Without rapid interventions we are not only under water, but we drown,” said Eggert.