EU Proposes 15% Cut in Steel Imports as Trump Tariffs Take Effect

The European Union (EU) will tighten steel import quotas, reducing inflows by 15% starting in April, in an effort to prevent cheap steel from flooding the European market following new U.S. tariffs, a senior EU official said. Julia Payne and Philip Blenkinsop reported for Reuters.

European steel producers warn that without action, Europe could become a dumping ground for steel displaced from the U.S. market.

European steel producers, already grappling with high energy costs and fierce competition from Asia, warn that without action, Europe could become a dumping ground for steel displaced from the U.S. market, potentially forcing plant closures.

"During a period when nobody is respecting WTO (World Trade Organization) rules and everyone refers to national security... the EU can't be the only continent that lets its industry fall apart," said European Commission Executive Vice-President Stéphane Séjourné in an interview with Reuters.

With President Donald Trump’s administration imposing a 25% steel tariff, producers from Canada, India, and China are expected to redirect exports toward Europe, further pressuring the market.

According to the CEO of Thyssenkrupp, the U.S. imported 23 million metric tons of steel last year, volumes now seeking new destinations. Shares of ArcelorMittal, Europe's largest steel producer, rose 0.9% to hit their session high at 12:47 GMT following the report, Christoph Steitz also reported for Reuters.