Newscasts - European steelmakers' shares rise on EU plan to cut steel quotas

Aperam SA

08/10/2025 12:50

Click the following link to watch video: https://share.newscasts.refinitiv.com/link?entryId=1_qu6mya2k&referenceId=tag:reuters.com,2025:newsml_RW162808102025RP1_930&pageId=Newscasts
Source: 'Reuters - Business videos'

Description: Shares in European steelmakers rose on Wednesday after the European Commission proposed cutting tariff-free steel import quotas by almost half as part of a plan to preserve viable steelmaking in the European Union. Francis Maguire reports.

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Video Transcript:

Shares in European steelmakers rose in early Wednesday trade. Investors bought up after the European Commission proposed cutting tariff-free steel import quotas by almost half. It's part of a plan to preserve viable steelmaking in the EU. The bloc's steel producers are operating at only 67% of their capacity due to rising imports and US tariffs. The new measures are designed to push that up towards 80%. ArcelorMittal said on Tuesday it was relieved by the Commission's proposal. Thyssenkrupp also said in written statements it supported the plan, while Aperam welcomed the measures Wednesday. Thyssenkrupp said the Commission recognized the European steel industry and its associated value chains were in serious danger without effective trade protection. Industry data shows some 5.5 million jobs in Germany are directly or indirectly tied to the steel industry. JPMorgan analysts said the proposed import quota cuts could lower steel imports into the EU by 8 metric tons. They argue this could positively affect local steel producers pricing power, but European car makers have concerns. The European Automobile Manufacturers' Association warned about the inflationary impact tighter restrictions could have on steel imports.