European Union Implements Tariff-Free Quotas to Protect Steel Industry Jobs
The European Union (EU) has finalized an agreement to protect its steelmaking sector from global overcapacity. This measure introduces tariff-free quotas set at 18.3 million tonnes per year, with a 50% duty on out-of-quota imports for 30 categories of steel products. Additionally, a 'melt-and-pour' requirement has been established to enhance traceability and transparency within the EU steel supply chain. This initiative aims to safeguard approximately 2.5 million jobs linked to steel production and support the EU's decarbonization goals. The measure applies to all imported products except those from EEA countries, which will still be subject to the melt-and-pour requirements. The EU's steel industry has faced significant challenges due to global overcapacity, projected to reach 721 million tonnes by 2027, far exceeding the EU's annual steel consumption. 
