This infographic shows why the EU needs the EU steel safeguard - and why it needs to work. Steel is an intensively traded product in a market suffering from significant global overcapacity. This is affecting the financial and economic sustainability of the steel sector.
The safeguards are a justified trade policy response to import surges caused by external factors. The quota itself is based on the average volume data from 2015-2017. The quota increased by 5% in February 2019 and is schedule to increase by another 5% in July 2019. This expansion of the quota size is independent of the growth of the overall EU steel market.
Worldwide, October 22, 2020 - Steel industry associations in the Americas, Europe, Asia and Africa today renewed their call for governments of steel-producing economies to intensify their work in the Global Forum on Steel Excess Capacity (GFSEC).
Brussels, 20 October 2020 – The European Commission has today initiated an investigation into the dumping of wind towers on the EU market from China. Wind towers – used to make renewable electricity – are principally built using steel, and the opening of this investigation shows that steel-using sectors also need adequate trade remedies.
We need effective enabling policies for a Green Deal on Steel that sets out a clear action plan for the recovery of the steel industry and boosts our CO2 reduction efforts - serving as a blueprint for Europe.