The European Commission said Tuesday it would tighten import restrictions on steel from next month in a bid to shield the continent’s ailing steel sector from surging imports.
The Commission also published a list of 47 strategic projects to boost the European Union’s production of 14 of the 17 materials it deems critical for its energy transition and security.
The confirmation of steel import curbs follows announcements by Commission Vice President Stephane Sejourne last week, while the list of strategic projects was revealed during his interaction with reporters Tuesday.
To limit the amount of steel that can be imported into the bloc tariff-free, the EU will reduce import quotas, known as safeguards. During an interview with Reuters, Sejourne said that the measures would cut inflows by approximately 15 per cent.
Volumes imported within the quotas reflect established trade flows and are not subject to tariffs. Any steel imports outside the quota will be hit by a 25 per cent tariff.
Countries will also no longer be able to roll over unused quotas of other countries and for categories with high import pressure and low consumption, the Commission said.
