Press releases » Extension of suspension of tariffs is positive outcome in EU-US dispute
Extension of suspension of EU rebalancing tariffs is positive outcome in EU-US dispute
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Axel Eggert, Director General of the European Steel Association (EUROFER), said:
"We welcome today's decision by the European Commission to extend the suspension of its rebalancing tariffs on US products until 31 March 2025 in the context of the steel and aluminium dispute. This is a positive outcome that paves the way for resuming the discussions between the EU and the US and continuing negotiations towards a meaningful Global Arrangement on Sustainable Steel and Aluminium (GSA).
The framework will need to address global non-market excess capacity and carbon intensity in the steel industry - which are the two existential challenges affecting the sector - through close EU-US policy alignment. A structural, long-lasting solution to the Section 232 dispute will be a natural part of such framework. The legal confirmation by the US of the continuation of the Tariff-Rate Quota (TRQ) system for EU steel exports is now expected to follow soon".
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Brussels, 10 September 2024 – The Draghi Report thoroughly identifies the bottlenecks to both the EU industry's decarbonisation and competitiveness. The proposed recommendations for energy-intensive industries, including on energy, trade, carbon leakage, financing and lead markets, should be integrated into the upcoming Clean Industrial Deal and implemented with concrete measures as a matter of urgency. Alignment across different policies is crucial, and should be accompanied by sector-specific initiatives to enable the transition of each industry including steel, asks the European Steel Association.
Brussels, 05 September 2024 – The latest developments in the steel sector and across critical value chains are worrying signs of a steady deterioration, endangering the survival and the transition of steelmakers and their key manufacturing customers in Europe, such as automotive. A Clean Industrial Deal including swift and radical measures in EU industrial, energy and trade policies, is the last chance to ensure Europe’s prosperity and shield European industry from cheap imports driven by third countries’ unfair trade practices, overcapacity and lower climate ambition, urges the European Steel Association.
Brussels, 25 July 2024 – Major indicators in the European steel market show a steeper-than-expected downward trend, further impacting the outlook for this year and the next. Poor demand conditions, driven by ongoing factors such as high energy prices, persistent inflation, economic uncertainty and geopolitical tensions, are exacerbated by a manufacturing crisis affecting the largest steel-using sectors, including construction and automotive. According to EUROFER’s latest Economic and Steel Market Outlook, apparent steel consumption is further deteriorating. After a slump (-3.1%) in the first quarter of 2024, its rebound for the full year has been revised downwards (to +1.4% from +3.2%), as well as for 2025 (+4.1% from +5.6%). Similarly, output in steel-using sectors, after a decline in the first quarter (-1.9%), is projected to experience a deeper-than-expected recession (-1.6% from -1%). A recovery is anticipated only in 2025 (+2.3%). Steel imports continue to show historically high shares (27%).