STRASBOURG (dpa-AFX) - The European Parliament has approved stricter regulations designed to protect the steel industry from low-cost competition from countries such as China. A majority of MEPs in Strasbourg voted to significantly reduce the volume of steel that can be imported into the EU duty-free, while imposing higher punitive tariffs on imports exceeding these quotas. The new regulation had previously been negotiated with member states; the vote now marks the formal adoption of the compromise.
European manufacturers have been struggling against cheap steel imports, particularly from China, India, and Turkey. With these new rules, the EU aims to shield the European market from global overproduction and safeguard industrial jobs.
The current regulations are set to expire on June 30. Under the new guidelines, the duty-free import quota will be capped at 18.3 million tonnes per year, representing a reduction of approximately 47 percent. Volumes exceeding this threshold will be subject to a 50 percent punitive tariff, doubling the previous rate.
For the new regulations to take effect, member states must still provide their formal approval./vni/DP/stw
