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EU Must Respond Further To Trump's Steel Tariffs – Mr LN Mittal

Steel News - Published on Thu, 13 Jun 2019

Image Source: Reuters
Reuters reported that ArcelorMittal CEO told a German newspaper in an interview that Europe urgently needs to take further measures to offset the impact of import tariffs imposed by US President Donald Trump. Mr LN Mittal, chief executive officer of ArcelorMittal, said that “The EU has announced safeguard measures but they weren’t effective. Further measures are urgently necessary given the import tariffs US President Donald Trump has imposed on steel imports to the United States. Across Europe, the steel industry is struggling with cooling demand and growing supply, in part as steel tariffs deflect supplies from the United States. The EU’s safeguard clauses have gaps - it’s too easy for exporters to evade them and the impact is massive: we have a steel glut.”

Mr Mittal said imports into the European Union had increased by 30% to 40% since 2017. He said it would be negative if the European Commission were to relax tariff protections for the steel industry in July, adding that the review of the safeguard measures should be completed before permitted import levels are reduced. He said “From 1 July, imports to the EU can increase by 5% but we’d actually need a 20% reduction to return to 2017 levels.”

He added that quotas were also needed for individual export countries for hot-rolled coil steel

Mittal said he was concerned about the European steel situation, saying the trade conflict between the United States and China is also hurting Europe.

He also pointed to growing tensions in trade relations between the United States and Europe, a weakening economy in China and Brexit uncertainty.

Source :

Posted By : Ratan Singh on Thu, 13 Jun 2019
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