EU May Extend Steel Restrictions For 3 More Years

By Alex Lawson (June 14, 2021, 6:13 PM EDT) -- Ahead of a closely watched summit with President Joe Biden on Tuesday, European leaders have proposed extending restrictions on foreign steel for another three years, citing a high percentage of imports still swallowing up its market.

In a notice to the World Trade Organization on Friday, the European Union said that while its 2018 safeguard restrictions on steel have reduced imports, the overall market share of foreign steel is still too high. Rather than sunset the restrictions at the end of June as planned, the EU proposed keeping them in place through June 2024.

Steel production volume and unit prices fell...

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