EU to Slash Steel Import Quotas, Raise Tariffs in New Plan

The European Commission is poised to dramatically cut steel import quotas by nearly 50% and introduce substantial tariffs on any imports exceeding those limits, according to a source informed of the plan.

The new tariffs could reach up to 50%, aligning them with similar measures taken by the United States and Canada. The initiative is part of a comprehensive safeguard package specifically for the steel sector.

Officials are expected to officially announce the detailed plans on October 7, marking a pivotal moment for the industry as it braces for these regulatory changes.

(With inputs from agencies.)