EU agrees to extend steel import restrictions to 2021
Jan 28, 2019

Member governments voted on Wednesday to support the European Union (EU) plan to restrict steel imports.

This means that the EU's steel imports will face an upper limit until July 2021. EU producers are worried that steel products that are blocked outside the US market will flood into the European market.

The European Commission said on Wednesday that EU member states support its plan to implement "protection measures", and specific measures will take effect in early February.

The EU has taken temporary safeguards for the import of 23 steel products in July last year, and these measures will expire on February 4.

The European Commission's plan includes the establishment of import quotas: set to the average level of imports over the past three years, an increase of 5% per year. Products that exceed the quota will be subject to a 25% tariff.

The EU has also set specific limits for major exporting countries. Quotas apply to a three-month period to limit stocks and can increase by 5% each year.

The countries that export steel to the EU mainly include: China, India, Russia, South Korea, Turkey and Ukraine.

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