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The European Union's announcement of plans to increase steel import tariffs has sparked strong concerns within the British steel industry, A709 Grade HPS 70W steel sheet.
The European Commission plans to halve the duty-free quota for imported steel and impose a 50% tariff on imports exceeding the quota.
As the most important export market for British steel, the EU accounts for 78% of the UK's overseas steel sales, with annual exports worth nearly £3 billion (approximately $4 billion).
According to the proposal, the EU will reduce the annual duty-free import quota to 18.3 million tons, a 47% decrease compared to 2024.
Currently, due to increased imports and the impact of US tariffs, the capacity utilization rate of EU steel mills is only 67%. The new measures aim to boost capacity utilization back to 80%.
The European Commission stated that this move responds to "calls from EU workers, industry, and several member states," and is intended to provide strong and long-term protection for the EU steel industry to "safeguard jobs and support the industry's decarbonization transition."
The new tariff measures are expected to be officially implemented in early 2026, replacing the steel safeguard measures originally scheduled to expire in June 2026. A709 Grade HPS 70W steel sheet, However, they still require approval from a majority of EU Council member states and the European Parliament before official implementation.
EU Trade and Economic Security Commissioner Maroš Šefčovič responded by saying that they will "fully communicate with the UK" and consider the possibility of establishing separate quotas for the UK in the future.
The European Union is South Korea's second-largest export market for steel. A709 Grade HPS 70W steel sheet, South Korea has indicated that the EU will "consider the factor of free trade agreements (FTAs) with signatory countries" in its quota allocation, therefore South Korea hopes to protect its interests as much as possible through bilateral consultations.
South Korean Chief Trade Minister Yeo Han-koo plans to meet with Commissioner Šefčovič soon to clarify South Korea's position.
