European Commission extends steel safeguard measure for an additional two years

The European Commission has announced an implementing regulation that extends the current steel safeguard measure for an additional two years, until June 2026.

This regulation also modifies the measure's operation to better align with market conditions.

The European Commission justifies the extension and modifications based on several factors that have led to significant import pressure on the Union market:

High levels of global steel overcapacity and a surge in exports from China to third countries, especially in Asia, resulting in increased exports from those countries to the EU, an increase in trade defense measures and other trade restrictions imposed by other third countries and a significant reduction in demand within the EU.

The technical adjustments will take effect on July 1, 2024.

The measure is set to expire on June 30, 2026, marking eight years since its initial imposition, the maximum duration permitted under EU and WTO rules.

Source: European Commision, Photo: Fotolia