https://sputnikglobe.com/20250211/eu-steel-industry-faces-dire-future-as-us-tariffs-escalate-trade-war-1121556163.html
EU Steel Industry Faces Dire Future as US Tariffs Escalate Trade War
EU Steel Industry Faces Dire Future as US Tariffs Escalate Trade War
Sputnik International
The European Steel Association (Eurofer) expects US tariffs on steel imports to negatively affect the EU steel industry, Eurofer President Henrik Adam said on Tuesday.
2025-02-11T14:44+0000
2025-02-11T14:44+0000
2025-02-11T14:44+0000
world
donald trump
east
european union (eu)
washington
european steel association (eurofer)
us
steel
https://cdn1.img.sputnikglobe.com/img/07e6/07/05/1096982738_0:0:3153:1774_1920x0_80_0_0_e9791d1d076348c22f5afed8a3db52e8.jpg
On Monday, US President Donald Trump signed an order enacting a 25% tariff on steel imports. The EU steel exports could drop by up to 3.7 million tonnes, as Washington is the second-largest export market for European producers, accounting for 16% of total EU steel exports in 2024, Adam said, adding that such losses cannot be offset by EU exports to other markets. "Already today global steel overcapacity is being off-loaded massively on the vulnerable EU steel market at very cheap prices, mainly from Asia, North-Africa and the Middle East. This is leading to the inability to invest in the green transition and ultimately de-industrialisation of Europe. In 2024 alone, the EU steel industry had to close 9 million tonnes of capacity with over 18,000 job cuts announced. The Executive Order by President Trump will inevitably further exacerbate the situation," Adam said. To support European steelmakers, the EU should revise the current safeguard measures, which have lost their effectiveness over the past six years, Eurofer president said, adding that another measure would be the extension of a comprehensive tariffication system, as the current EU safeguard measure will expire at the end of June 2026.
https://sputnikglobe.com/20250104/us-steel-ceo-calls-bidens-nippon-steel-deal-decision-shameful-corrupt-1121349037.html
east
washington
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
2025
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rossiya Segodnya“
european steel association, eu steel industry, eurofer president henrik adam, steel
european steel association, eu steel industry, eurofer president henrik adam, steel
EU Steel Industry Faces Dire Future as US Tariffs Escalate Trade War
MOSCOW (Sputnik) - The European Steel Association (Eurofer) expects US tariffs on steel imports to negatively affect the EU steel industry, Eurofer President Henrik Adam said on Tuesday.
On Monday, US President Donald Trump signed an order enacting a 25% tariff on steel imports.
"The Executive Order signed by US President Donald Trump imposing a 25% blanket tariff on all steel imports is a radical escalation of the trade war launched under his first administration. It will further worsen the situation of the European steel industry, exacerbating an already dire market environment," Adam said.
The EU
steel exports could drop by up to 3.7 million tonnes, as Washington is the second-largest export market for European producers, accounting for 16% of total EU steel exports in 2024, Adam said, adding that such losses cannot be offset by EU exports to other markets.
"Already today global steel overcapacity is being off-loaded massively on the vulnerable EU steel market at very cheap prices, mainly from Asia, North-Africa and the Middle East. This is leading to the inability to invest in the green transition and ultimately de-industrialisation of Europe. In 2024 alone, the EU steel industry had to close 9 million tonnes of capacity with over 18,000 job cuts announced. The Executive Order by President Trump will inevitably further exacerbate the situation," Adam said.
To support European steelmakers, the EU should revise the current safeguard measures, which have lost their effectiveness over the past six years, Eurofer president said, adding that another measure would be the extension of a comprehensive tariffication system, as the current EU safeguard measure will expire at the end of June 2026.
