EU to extend steel safeguard measures until Jun 30, 2024

The European Commission has decided to extend the steel safeguard measures on 26 items of steel products until June 30, 2024. The EU steel safeguard measures were in response to Section 232 of the US. If measures are terminated, the surge in imports will probably damage the local economic recovery, said the commission. The existing quota of global and country for 26 steel product categories will remain unchanged. Any quantity exceeding their respective quotas will be imposed with 25% tariffs, and the annual quota liberalization rate will remain at 4%. The latest quota will start on July 1, 2023.