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Steel News December 12, 2018 01:30:54 PM

ArcelorMittal Demands Stricter EU Actions to Counter U.S. Tariffs

Paul Ploumis
ScrapMonster Author
The recent pickup in European steel imports has made analysts and steel industry participants believe that the measures need to be made stricter.

ArcelorMittal Demands Stricter EU Actions to Counter U.S. Tariffs

SEATTLE (Scrap Monster): World steelmaking giant, ArcelorMittal demanded further strengthening of EU safeguard measures to protect the regional steel industry from the impacts caused by U.S. tariffs. The EU had imposed several safeguard measures in July this year, but loopholes do exist, the company noted.

The EU had imposed 25% tariffs on 23 steel categories, whenever the yearly imports exceed the previous three years’ average import levels. Also, it proposes to allocate quotas on first-come-first-served basis. The company expressed fears that the announced annual quotas are likely to create volatility and disruption in market. The recent pickup in European steel imports has made analysts and steel industry participants believe that the measures need to be made stricter.

All the ambiguities must be cleared before the final measures are announced, said Aditya Mittal, president of ArcelorMittal. Failing to do so would add woes to European steel sector, he added. It must be noted that definitive actions are likely to follow the conclusion of full EU investigations early next year.

Mr. Mittal pointed out that exemptions granted to countries such as Turkey have resulted in dramatic increase in steel exports by them to the EU, thereby leading to market distortion. Although, the regional demand picture looks moderately strong, excessive dumping of subsidized steel products, especially from China may result in erosion of the steel industry in Europe, Mittal said.

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