The European Commission has approved a reduction of quotas for the import of 26 categories of steel products from countries that have a free trade agreement with the EU by 47% and an increase in the duty on steel imports by 50% from 1 July.

Thus, the European Commission has limited the total duty-free steel import quota to the EU to 18.3 million tonnes per year, which is 47% less than before. Imports exceeding the established limits will be subject to a 50% duty.

The new restrictions are aimed at protecting the EU's steel industry after the expiration of the EU's steel safeguard measures.

Half of the annual EU import quota set by the Steel Regulation at 18.3 million tonnes is reserved exclusively for preferential trade partners (FTA), while the other half is available to all trading partners without discrimination, including FTA partners.

Reference source: http://surl.li/bjvkdxset378r