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EU extends safeguard measures for one more year

The European Commission (EC) confirmed its decision to extend steel safeguard measures until the end of June 2024 in a statement to the WTO at the end of last week.

EU extends safeguard measures for one more year

The review of the measures was initiated at the end of 2022.

After careful consideration, the EC stated that the safeguard measures continue to be justified, for example due to the existence of Section 232 in the US. It added that the gloomy outlook for the European steel sector does not justify ending the measures.

From July, the level of existing tariff-free quotas for importers will increase by a further 4% and the original liberalisation rate of 4% safeguard measures will continue.

As a result of the review, the EC also confirmed that Malaysia will be allocated a specific country quota for imports of hot-rolled steel coil during the period July 2023-June 2024. The probe also reviewed the list of developing countries to which safeguard measures apply; all developed countries will now be subject to measures on imports of hot-dip galvanised coil (group 4b), organic coated sheet (group 5) and large welded pipe (group 25b) for automotive use.

In recent months, service centres and steel users have called on the European Commission to end the safeguard measures at the end of June.

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