EU Set to Toughen Steel Import Rules on October 7
The European Union (EU) is set to unveil new measures to safeguard its steel industry on 7 October. The plans aim to reduce steel imports, particularly from China, and are expected to bring relief to European steel producers. Stocks in the sector have already reacted positively to the news.
The EU Commission will reportedly double the additional tariff on excess steel imports from 25% to 50%. Additionally, the EU plans to halve the quota for tariff-free steel imports. These measures aim to protect the European steel sector and reduce its dependence on foreign imports.
The EU Commissioner responsible for these plans is not explicitly named. However, given the Commission's role in internal market and industrial policy, the current Commissioner in charge is likely a successor to Thierry Breton, who previously held this portfolio.
The EU Commission will present these concrete measures in a few days, following which the member states will have to approve the plans.
The news has already boosted European steel shares. On Wednesday afternoon, Salzgitter AG shares rose by 10.5% to 28.44 euros. Other steel companies like Thyssenkrupp and ArcelorMittal also gained, building on the positive trend seen in September.
The EU's planned measures to protect its steel industry are expected to reduce imports and support local producers. The stock market has already reacted positively to the news, with European steel shares gaining significantly. The EU Commission will present these plans in a few days, with member states' approval to follow.
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