EU steel market flooded as producers find work-around for US tariffs
Imports from Russia have risen 139%, and from Turkey 76% — sparking fear of a depressed European market and possible protectionist measures to prevent that
Frankfurt — US steel tariffs have led to an increase in volumes on Europe’s steel market as some manufacturers divert their product to the European Union, the head of Germany’s steel association told a newspaper. "In the first three months (of 2018), imports from Russia rose by 139% from a year earlier, those from Turkey by 76%," daily Neue Osnabruecker Zeitung quoted Hans Juergen Kerkhoff as saying in an interview published on Monday. He urged the EU to quickly implement measures to prevent foreign steel from flooding the EU market, for instance by imposing its own quotas or tariffs. US President Donald Trump’s administration said in March it would impose tariffs of 25% on steel imports and 10% on aluminium in a bid to stanch imports from China, which it said have driven down prices and put US companies out of business. It has extended a temporary reprieve from the tariffs for the EU, Canada and Mexico until June 1, but the EU has demanded a permanent exemption. "I think the EU is ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.