STEEL NEWS

Italy calls for suspension of tariffs on steel imports to Europe

Italian Industry Minister Giancarlo Giorgetti said on September 17 that Europe should temporarily suspend tariffs on imported steel to prevent shortages and adverse industrial impacts, Reuters reported.

When asked if Rome plans to intervene in the 25% tariff scheme, Giorgetti said Europe prioritized the interests of steel producers during the health pandemic, without realizing that this could have serious implications for the supply.

“The situation is unstable ... this measure should be temporarily suspended because it blocks (industrial) production,” he said.

Earlier this year, the European Union decided to continue the quota and tariff system in place in 2018 for another three years to protect EU steel producers from a potential surge in imports.

“We need to discuss this in Europe and convince everyone to make this decision,” Giorgetti said. The minister said that the situation could be revised after the situation normalizes.

The main exporters of steel to the EU are China, India, Russia, South Korea, Turkey and Ukraine.