The European Commission published today an implementing regulation confirming the extension of the current steel safeguard measure for two more years, until June 2026.
The regulation also adjusts the functioning of the measure, to adapt it to market conditions.
This decision follows an investigation requested by fourteen EU Member States, which showed that the safeguard measure continues to be necessary to prevent or remedy serious injury to the EU’s steel industry.
The European Commission explains that the prolongation and adjustments are justified by a combination of factors that resulted in significant import pressure on the Union market:
- high levels of global steel overcapacity and the surge of exports from China to third countries, notably in Asia, resulting in increased exports from those third countries to the EU;
- the increased number of trade defence measures and other trade restrictive measures imposed by other third countries, and;
- the significant reduction of demand in the EU.
Next steps
The technical adjustments will enter into force on 1 July 2024.
The measure will expire on 30 June 2026, eight years after its first imposition, which is the maximum application period of a safeguard measure allowed under EU and WTO rules.
The Commission may still review the functioning of the measure before 30 June 2026 if it considers that further adjustments are necessary.
