German Steel Federation: EU proposal on safeguards is by far not sufficient
by David Fleschen
In the run-up to the meeting of the EU Council of Trade Ministers, numerous steel industry executives in Europe are addressing the EU Commission and the member states in a joint statement and calling for a comprehensive revision of the EU Safeguard measures. Hans Jürgen Kerkhoff, President of the German Steel Federation, comments:
"The current proposal of the EU Commission to revise the EU Safeguards is by far not sufficient to protect the steel industry in Europe and the associated value chains from serious damage. Global overcapacities have risen massively as a result of the Corona pandemic. The protective measures in foreign trade must therefore be designed in such a way that they prevent an import crisis on the EU steel market and thus do not jeopardize the economic upturn following the corona crisis. This can only be achieved if tariff quotas are also substantially reduced. In this special situation, more than ever, decisive action by the EU is needed, also in the area of international trade policy".
Source: Wirtschaftsvereinigung Stahl, Photo: Stahl-Zentrum Düsseldorf