The European Parliament has announced a political agreement with the European Council on new measures designed to counter the negative effects of the global steel surplus once the existing European Union steel safeguard expires June 30.
Among other things, the provisional deal would lower by 47 percent (to 18.3 million tons per year) the amount of steel that may enter the EU duty-free under a tariff-rate quota. It would also double from 25 to 50 percent the duty on steel goods that are imported in excess of that TRQ or are not among the categories of steel products it covers (which would be increased from 28 to 30). These restrictions would apply to imports of covered goods from all countries except those in the European Economic Area (the 27 members of the EU as well as Iceland, Liechtenstein, and Norway).
A Parliament press release adds that the draft regulation also seeks to strengthen the traceability of imported steel products by clarifying the evidence to be provided by importers on the origin of their steel. Origin would be taken into account when annual quotas are assigned.
Finally, the regulation would provide for a review within six months to determine whether additional products should be covered.
According to the press release, the provisional agreement must be formally adopted by both the Council and the Parliament before it can enter into force, which is anticipated to occur July 1.
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