The EU on Tuesday announced it was planning to double tariffs on foreign steel and halve the volume allowed into the bloc before duties are imposed.
The unveiling of the proposals by industry commissioner Stephane Sejourne comes as Europe’s steel sector struggles to contend with competition from China, which dwarves the bloc’s production.
The proposed EU move comes after to keep out cheap metal imports from the Asian giant.
Steel sector ‘on the verge of collapse’
“The European steel industry was on the verge of collapse — we are protecting it so that it can invest, decarbonize and become competitive again,” Sejourne told journalists before the announcement.
Sejourne wrote on X, formerly Twitter, as he announced the move that the strategy meant “the reindustrialization of Europe.”
The scheme is meant to permanently replace the safeguard clause that is currently in place, in which 25% duties are imposed when set import quotas are exceeded. That clause expires next year.
The proposal is subject to approval by the EU’s 27 member states and the European Parliament
Sejourne was to join trade commissioner Maros Sefcovic in presenting the plan to the Parliament in Strasbourg later on Tuesday.
China towers over rivals in steel production
Last year, more than a billion metric tons (1.1 billion US tons) of steel, far surpassing its next rival India, which managed 149 million metric tons.
Japan came in third with 84 million metric tons, followed by the US with some 79 million tons.
Germany produced some 37 million tons, while French production was less than 11 million tons, with the EU as a whole accounting for 129.5 million tons.
The steel sector employs around 300,000 people in Europe.
However, nearly 100,000 jobs have been lost in the past 15 years, the industry says.
There are also 2.3 million indirect jobs put at risk by the current crisis, according to Eurofer.
Edited by: Wesley Rahn
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