EU Trade Commissioner Phil Hogan has tweeted that the EU member states have approved the proposal by the EU Commission regarding the adjustments of steel safeguard measures. However, the official statement is expected to be published next week, SteelOrbis understands.
“This very solid proposal addresses the economic impact on the European steel industry of the dramatic reduction in demand,” Hogan said.
According to the proposed adjustments, hot rolled coil products which are currently subject to the global quota will be subject to country-specific quotas as of July 1, as previously reported by SteelOrbis. The country-specific quota will apply to those countries whose level of imports reached at least five percent of imports in the 2015-17 period, and the residual global quota will be valid for the rest. Additionally, the quota volumes will be managed quarterly.
