EU's New Trade Strategy to Shield Steel Industry
The European Commission plans to introduce a new method to limit steel imports, aiming to protect domestic producers. This initiative addresses global overcapacity and encourages investment in decarbonization. Current steel safeguards will expire by mid-2026, prompting the proposal for new measures this year.
- Country:
- France
The European Commission is set to propose a novel strategy to curb steel imports from international competitors, aiming to bolster domestic steel producers. Commission President Ursula von der Leyen highlighted that global overcapacity in production is negatively impacting profit margins, and deterring investment in sustainable production practices.
In her annual 'state of the union' address to the European Parliament, von der Leyen announced the need for a new, long-term trade mechanism to replace the expiring steel safeguards. The bloc currently cannot extend these protections beyond mid-2026 due to international trade rules.
The Commission is expected to unveil these new measures by the end of the third quarter this year, as it seeks to support the industry in its transition towards decarbonization.
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