Newscasts - EU proposes cutting steel imports by 15% as Trump tariffs bite

Sika AG

19/03/2025 16:29

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Source: 'Reuters - Business videos'

Description: The European Union will tighten steel import quotas to reduce inflows by a further 15% from April, a senior EU official said on Wednesday, in a move aimed at preventing cheap steel flooding the European market after Washington imposed new tariffs. Ciara Lee reports.

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Video Transcript:

The EU will tighten steel import quotas to reduce inflows by a further 15% from April. The news came from an EU official on Wednesday. It's aimed at preventing cheap steel flooding the European market after Washington imposed new tariffs. European steel producers are already battling high energy prices and competition from Asia and elsewhere. They warn that the EU risks becoming a dumping ground for cheap steel diverted from the US market, which they say could kill off Europe's plants. European Commission Executive Vice-President Stephane Sejourne.

There would be no country without steel, and so there is no collective organization and industry of chemistry or defence without steel. And so, steel is becoming a strategic sector for us that must be defended. We will try with our tools, and I think it is reasonable for the European Commission to follow international rules. I think that if there is a need today to have an actor in the world who gives predictability, who respects international law, who is also able to have a rule of law, in short, to have a regulatory environment that is predictable, it is the European Union.

The CEO of Europe's number two steel maker, Thyssenkrupp, said on Wednesday the US imported around 23 million metric tons of steel last year. And that those volumes were now looking for other destinations, including Europe, as a result of US import tariffs. The commission is to propose a raft of trade-related measures to boost its ailing metals industry. And will also consult aluminum producers facing similar headaches to steelmakers.