EU's Bold Move to Revamp Steel Sector: A Step Towards Sustainability
The EU has proposed reducing tariff-free steel import quotas by nearly 50% to support its domestic steel industry. This decision aims to foster sustainable competition, safeguard local steelmakers, and implement changes by early 2026, pending government and parliamentary approval.
- Country:
- Austria
In a strategic move to bolster Europe's steel sector, the European Commission has introduced a plan to slash steel import quotas by nearly half. This proposal, driven by the need to sustain competitive steelmakers within the EU, also doubles the out-of-quota duty to 50%.
Voestalpine CEO Herbert Eibensteiner hailed the plan as a pivotal advancement for the industry. He urged for its swift adoption, emphasizing its potential to secure the European steel industry's future. Eibensteiner highlighted the importance of these measures rolling out by early 2026.
The proposal is currently up for approval by EU governments and the European Parliament, marking a decisive moment for the region's steel production landscape.
(With inputs from agencies.)
Advertisement
Google News