The European Commission has announced that it has initiated a functioning review of the safeguard measure on imports of certain steel products since 2018. The products under investigation only excludes grain-oriented electrical steel.
The review was initiated following a request from 13 member states at the end of November, claiming that such a procedure is necessary due to changes in trade flows, resulting from the surge in China’s exports, and quota volumes remaining higher compared to steel consumption in the EU as a result of the contraction in steel demand in the region.
The review will be concluded by March 31, 2025 and any decision resulting from this proceeding may become applicable as of the start of a new quarter as of April 1, 2025, including with a new tariff rate quota volume.
The commission will assess whether any adjustments to the measure may be warranted to keep its operation adapted to market evolution. Such adjustments relate to the following matters: allocation and management of tariff-rate quotas; crowding out of traditional trade flows; update of the list of developing countries excluded from the scope of the measures based on their most recent level of imports in 2024; and other changes of circumstances that may require an adjustment to the level or allocation of the tariff-rate quota.