The EU will reduce steel imports by a further 15 percent from April, the bloc's industry chief said, to prevent a wave of cheap steel flooding the market after the United States imposed new levies.
US President Donald Trump slapped 25-percent tariffs on imports of steel and aluminium, raising fears of the knock-on effects for Europe's beleaguered steel industry, already facing fierce competition from Asia and high energy prices.
"On April 1, we will reinforce the current safeguard clause. We're aiming for a drop of up to 15 percent in imports," European Commission Vice President Stephane Sejourne said on Wednesday as he unveiled a medley of measures to protect the metals sector.
The commission already has safeguard measures, including import limits, in place to protect the steel industry, that will continue until 2026.
The European steel industry currently employs more than 300,000 people but has lost almost 100,000 jobs in the past 15 years.
Industry group Eurofer welcomed the measures.
"We are grateful that the Commission has recognised the strategic importance of the European steel industry to the EU's sovereignty, security, and competitiveness," said Henrik Adam, Eurofer president.
But he warned that "energy remains the elephant in the room" and urged the EU to do more to reduce energy costs in Europe.
Brussels will also launch an investigation into aluminium on the European market, "with a view to introducing a safeguard clause similar to that for steel,” Sejourne said.
The probe would look at whether there has been a sudden increase in aluminium imports, which could lead to import curbs.
"US tariffs on aluminium are likely to worsen the situation further given the significant threat of trade diversion from multiple destinations," the commission said.
European Union chief Ursula von der Leyen has vowed that US tariffs on steel and aluminium “will not go unanswered,” adding that they will trigger tough countermeasures from the 27-nation bloc.
