Section 232 Tariffs Jeopardize European Steel Recovery, EUROFER Says
05/08/2018 - New investment and steel exports helped support healthy steel demand in the EU last year, but the U.S. Section 232 tariffs potentially could offset the gains, according to the European Steel Association (EUROFER).
In its second-quarter market outlook issued on Tuesday, EUROFER said the levels of steel imported into the EU fell nearly 2% in 2017 while domestic deliveries rose 3.4% during the same period.
"The latest data shows that the European steel industry has finally struggled its way back toward a firmer footing," said EUROFER director general Axel Eggert.
"Worryingly, this recovery is being put at risk by the U.S.’s Section 232 action and the resulting global economic fallout. Surges of deflected imports to the EU market could cause irreparable damage to the EU steel industry if adequate safeguards are not put in place," he added.
More on EUROFER's latest outlook can be found here.
