EU Steel Association Calls For Swift Solution to End Import Crisis

SEATTLE (Scrap Monster): The European Steel Association (EUROFER), in a letter, has called upon EU policy makers to take urgent action to end steel crisis in the region, by putting an end to the flood of steel exports targeting the EU market.

According to Axel Eggert, Director General of EUROFER, the U.S. imposition of steel import tatriffs last year has resulted in deflection of steel exports to the EU region. The steel imports to the region have spiked significantly, despite several safeguard measures announced by the EU administration. In this context, EUROFER called for further strengthening of the existing safeguard measures. The safeguard measures, put in place in 2018, need urgent revision, so as to effectively guard against import surges.

EUROFER noted that consequences of the sudden and markedly negative shift are clearly visible in the European steel industry. Over the past few weeks, there have been several announcements with regards to actual or potential steel plant closures in several EU member states. Nearly 10,000 direct jobs are at risk. The total indirect job losses in the entire supply chain could go up to 100,000, it noted.

The Association called for urgent consultations between European authorities and the EU steel industry to discuss about possible solutions that could save the region’s steel sector from imbalanced external pressures. Immediate action could prevent further deterioration of EU steel market conditions, it added.