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EU proposes duties on Brazil, Iran, Russia, Ukraine steel

Tue 18th July, 2017 4:16pm
LONDON, July 18 (Reuters) - The European Union is planning 
to impose duties of up to 33 percent on hot-rolled steel imports 
from Brazil, Iran, Russia and Ukraine to counter what it sees as 
unfairly low prices, according to a document seen by Reuters. 
    The EU has over 40 anti-dumping measures to aid European 
steel producers, mostly aimed at China. In June, the bloc set 
duties of up to 35.9 percent on Chinese hot-rolled steel, 
prompting an angry response from Beijing.*:nL8N1J62IY 
    Steel is the second biggest industry in the world after oil 
and gas and the EU's attention has recently shifted as barriers 
aimed at cheap Chinese imports have an impact. 
    "While far from perfect, this outcome surpasses earlier 
expectations, will help cut import pressure into the EU and 
should boost earnings expectations for local steelmakers," 
investment bank Jefferies said in a note. 
    The European Commission, which oversees EU trade policy, 
launched an investigation into hot-rolled steel from Brazil, 
Iran, Russia and Ukraine as well as Serbia in July 2016, 
following a complaint by European steel association Eurofer. 
    Its investigation found hot-rolled steel from all the 
countries save Serbia rose to take 12.6 percent of the EU market 
in the year to mid-2016 from 7.5 percent in 2013, with prices 
falling by about a quarter, according to the document. 
    The Commission terminated its investigation into Serbian 
steel imports with no tariffs set, the document showed.  
    However, it is proposing duties of 16.3 percent for steel 
from ArcelorMittal Brasil  MT.AS , 17.5 percent for Usinas 
Siderurgicas  USIM5.SA  and 15.7 percent for Companhia 
Siderurgica National  CSNA3.SA . 
    For Russia, NLMK  NLMK.MM  would face 15.0 percent duties, 
MMK  MAGN.MM  33.0 percent and PAO Severstal  CHMF.MM  5.3 
    For Iran's Mobarakeh Steel Co 23 percent duties would apply 
and for Ukraine's Metinvest Group  METIV.UL  19.4 percent. The 
Islamic Republic is now free to export steel after the easing of 
international sanctions against it. 
    Definitive duties need to be applied by October 6.  
 (Reporting by Maytaal Angel; writing by Philip Blenkinsop; 
editing by Alexander Smith) 
 ((; +32 2 287 6838; Reuters 
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