BRUSSELS, June 8 (Bernama-WAM) -- The European Council on Monday adopted a regulation establishing a new framework to protect the European Union (EU) steel market from the negative trade-related effects of global overcapacity, as outlined in the 2025 Steel and Metals Action Plan, Emirates News Agency (WAM) reported.
The new rules will replace the current EU steel safeguard measure, which expires on June 30 this year, ensuring continued protection for the EU steel sector.
The rules are set to take effect on July 1, replacing the current measures, with 25 of the EU's 27 member states voting in favour of the amendment.
The new procedures provide for a reduction in duty-free quotas of approximately 47 per cent, allowing the import of 18.3 million tonnes of steel annually without tariffs.
In contrast, a 50 per cent customs duty will be imposed on quantities exceeding these quotas, compared with the current rate of 25 per cent.
The move forms part of the European Union's efforts to strengthen protection for its industrial sector amid global pressures and increasing competition in steel markets.
-- BERNAMA-WAM
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