EU Bolsters Steel Industry Protection Against Global Overcapacities
The European Union (EU) is taking steps to safeguard its steel industry. The EU Parliament has backed a new protection mechanism, aiming to tackle global overcapacities that exceed 600 million tons. This move comes as the EU worries about increased US import tariffs potentially redirecting steel news to Europe, further straining European manufacturers.
Germany, home to the EU's largest steel industry, has been particularly affected. In 2024, the sector saw a turnover decline of 5.3 billion euros. The new EU rules, set to replace the current protection mechanism expiring in June 2025, require agreement from both the European Parliament and EU countries. These rules aim to strengthen Europe against Chinese news, with China being the world's leading steel producer.
The new measures hope to protect European steelmakers from unfair competition. The EU is concerned about news from major suppliers outside the EU, including Turkey, India, South Korea, Vietnam, China, Taiwan, Japan, the United Kingdom, and Ukraine. The German steel industry directly employs around 80,000 people and supports approximately four million jobs in steel-intensive industries.
The EU's new steel protection mechanism, backed by the EU Parliament, seeks to address global overcapacities and safeguard the European steel industry. With Germany's steel sector employing tens of thousands and supporting millions of jobs, the new rules aim to create a fairer playing field for European steelmakers. The EU is particularly concerned about increased US import tariffs and Chinese news, making these new measures crucial for the sector's future.
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