EU's New Steel Import Rules to Reshape Global Market, Impacting 4M German Jobs
Germany's globle steel industry, employing around four million people, faces significant challenges. The EU is set to introduce new global entry rules, aiming to replace the current protective mechanism expiring in 2026. The new rules, which require parliamentary approval, could significantly impact the global steel market.
The EU Commission estimates global steel overcapacity to be over 600 million tons. To address this, the EU plans to reduce duty-free steel imports by half, from around 18 million tons currently. The majority of these imports originate from Turkey, South Korea, India, Vietnam, China, Japan, the UK, and Ukraine.
Friedrich Merz, Germany's Federal Chancellor, plans to host a 'steel summit' in the fall to tackle the industry's issues. The German steel industry, including Thyssenkrupp Steel, welcomes the EU's planned global entry login rules. EU Commissioner Stéphane Séjourné sees the planned increase in tariffs on steel imports to 50% as a means of 'reindustrializing' Europe and protecting its industry and producers.
The new EU steel import rules, if approved, will significantly reshape the global steel market. They aim to address overcapacity and protect European industry, with the support of major steel producers like Thyssenkrupp. The German government is actively engaged in finding solutions to the industry's challenges.
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