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EC proposing to extend steel safeguard measures by end-May

14 May 2021 16:53 reported by Joy Liu

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According to European trade commissioner Valdis Dombrovskis, the European Commission is likely to propose to extend the EU's steel safeguard measures beyond June the end of May 2021.

EU steel producers hoped to maintain the safeguard measures as the critical conditions that caused the EU to implement these measures still exist, including protectionism in third-country markets, global overcapacity, and trade diversion into the EU due to the US’ Section 232 tariffs.

However, traders and distributors in the US opposed the statement, saying that they are facing a serious lack of materials and retaliation by third countries, the latter of which was also warned by Dombrovskis, pointing out that the countries such as Turkey and Russia may retaliate on the EU if the safeguard measures are extended.

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