EC extends the surveillance system on iron and steel imports

EC extends the surveillance system on iron and steel imports

On January 17, 2002, the European Commission (EC) introduced a surveillance system for imports of certain iron and steel products from third countries. On December 30, 2002, the EC amended the regulation to extend the scope of the surveillance. Due to changing market conditions, the EC decided once again that the system should be extended. The EC extended the system until December 31, 2006, citing recent trends of imports of steel products, recent developments in the Chinese market, surging imports, high price levels of steel products in the EU market and job losses in recent years.