Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Twelve European Union (EU) member states have called on the European Commission (EC) to extend the safeguarding measures on steel imports put in place to protect the region’s steel industry, according to a letter made public recently.


The letter was issued to trade commissioner Valdis Dombrovskis on Jan 14 and jointly signed by the governments of Italy, Germany, France, Slovakia, Luxembourg, Finland, Hungary, Poland, Spain, the Czech Republic, Belgium, and Bulgaria.


The member states highlight that “as the COVID-19 pandemic and the unprecedented economic slowdown in Europe caused by it continue, so does the severe impact on the activity of the steel industry.”


They go on to outline the nature of the EU steel industry’s struggle given that production capacities remain reduced and many production units have shut down across Europe. Moreover, the stock in exporting countries is increasing.


As a result, the 12 European nations believe that “the downturn caused by the pandemic has made it even more necessary to reform and extend the EU steel safeguard” beyond the current expiry date of June 30, 2021.

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