The European Union has introduced a set of stricter rules on its steel imports, citing concerns about global supply flooding the European market.
The new rules place restrictions on the planned expansion of duty-free steel imports and tighten rules on handling unused import quotas.
The European Commission said in a statement: “The tightened measure will provide breathing space for EU steel producers to increase their production and thus regain lost market share.”
The European Commission’s move also aims to encourage employment and investment in the clean steel industry.
The Commission said it decided to impose these rules due to the significant pressure on European industry caused by global excess production capacity, increased exports from China, and the new special tariffs imposed by the United States on steel and aluminum imports.
The new rules follow a review requested by 13 EU member states, which concluded that increased import pressure and declining demand are having a negative impact on the EU steel industry.
