EU extends 2-year steel import safeguard measures to take effect

On June 25, the European Commission issued an official announcement confirming the extension of steel import safeguard measures for another two years. This protective measure has entered into force on July 1, 2024, and the European Commission can review the implementation of this measure before June 30, 2026.

The European Commission stated in the announcement that the extension and adjustment of safeguard measures were caused by a combination of factors, including severe overcapacity in global steel production, an increase in the number of trade remedies and other restrictions imposed by third countries, and a significant decline in domestic steel demand in the EU.