New Tariff Quotas are Vital for the Survival of Steel Industry, Says ArcelorMittal

The cheap steel imports arriving in the EU, falling demand and weakening economic conditions have dragged the region’s steel industry into a huge crisis.

SEATTLE (Scrap Monster): Steelmaker ArcelorMittal welcomed the new proposal by the European Commission (EC) aimed at ensuring a strengthened trade defence. The EC proposal cuts quota-based tariff-free steel imports by nearly half and doubles the tariffs for inbound steel.

The cheap steel imports arriving in the EU, falling demand and weakening economic conditions have dragged the region’s steel industry into a huge crisis. The new tariff quota proposals are vital for the survival of the troubled industry in the region, said the company in a news release.

In addition, the company stated that it awaits an announcement from the EC in connection with the revised Carbon Border Adjustment Mechanism (CBAM) before the end of this year. It expressed the hope that further measures in line with the Steel and Metals Action Plan will be announced in the near future. The quota proposal together with an effective CBAM will play a key role in reviving the region’s steel industry, the news release said.

Geert Van Poelvoorde, CEO ArcelorMittal Europe commented that he is thankful to theCommissioners for the time and attention they have taken to understand the challenges facing our industry. This will guarantee a much stronger future for the European steel industry and the broader manufacturing sector.

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