【Ferro-alloys.com】Recently, the European Commission (EC) formally decided to extend the safeguard measures for import tariff quotas of all 26 steel products for three years, subject to annual review. The extension will take effect on July 1, 2021. One of the differences of the new measures is that the annual duty-free quota used to manage imports will be increased by 3% per year in the future, instead of the previous 5% per year. The decision was made after 12 EU member states requested an investigation. The statement stated that as a result of the investigation, the EU believes that the extension is necessary to prevent or remedy serious damage to the EU steel industry, which believes that the financial situation of its steel industry continues to be fragile.

The European Union notified the WTO on June 11 of its intention to extend safeguard measures, and on June 18 it was approved by the member states.

The European Commission also pointed out that if the United States significantly changes its Section 232 measures on steel, the European Union will initiate a review of safeguard measures. The European Union and the United States said in mid-June that they will begin discussions on the matter at the end of this year. 

• [Editor:zhaozihao]