The European Commission has announced that it has initiated a review of the steel safeguard measure to determine whether it should be terminated one year earlier than its current end date of June 30, 2024.
Following its investigation, the commission will make a proposal by June 30, 2023, at the latest on whether the steel safeguard measure should be terminated. EU member states will then vote on the proposal.
In June last year, when the safeguard measure was extended, the commission committed to undertaking this review, as SteelOrbis previously reported. The quota volumes were also increased by three percent and a 25 percent tariff duty is being applied on the products if the tariff rate quotas are exceeded.