The European Commission has decided not to terminate its safeguard measures on steel products one year earlier. The measures will continue to be effective as of July 1, 2023, until June 30, 2024, according to a notice sent by the Commission to the World Trade Organization.
The decision is a result of the review initiated in December 2022.
The Commission will increase the level of the tariff-rate quotas for all product categories by four percent.
In addition, Malaysia will now be subject to a country-specific tariff-rate quota for Category 9 (stainless cold rolled sheets and strips) due to its historical imports to the EU. The volume of the residual tariff-rate quota has been reduced by the amount of the country-specific tariff-rate quota allocated to Malaysia. The EU allocated stainless cold rolled sheet and strip quota volumes of 13,172 mt each for the third and fourth quarters of 2023, and 13,029 mt each for the first and second quarters of 2024 for the country.