The European Commission has confirmed the extension of the steel safeguard measure for an additional two years, until June 2026. This decision comes after an investigation by fourteen EU Member States, which concluded that the measure is still necessary to protect the EU's steel industry from serious injury.
The safeguard measure, which includes Tariff-Rate-Quotas (TRQs), will continue to allow significant volumes of duty-free imports while safeguarding the industry where needed. The measure's extension reflects ongoing challenges such as global steel overcapacity and increased exports from China, as well as a significant reduction in EU demand. The technical adjustments to the measure will take effect on July 1, 2024.
