Assofermet Expresses Concern Over the Extension of EU Safeguard Measures and Anticipates a Steel Shortfall of Over 1.6 Million Tons Due to New Quota Regulations
Jun 25, 2024
GERBER News, June 21, 2024: The Italian Iron and Steel Association, Assofermet, has expressed its concern over the European Union's decision to extend safeguard measures until 2026. The association anticipates that due to new quota regulations, the EU economy will face a further shortfall of over 1.6 million tons of steel.
On June 18, 2024, in a press release (available for our review), Assofermet expressed great concern over the European Commission's intention to extend certain safeguard measures for steel products until 2026. The association has notified the WTO that changes in quotas may lead to a greater potential shortage in the EU, exceeding 1.6 million tons of steel, especially Hot Rolled Coil (HRC).
It is welcome that concerns over the politically motivated extension of EU safeguards and the related supply gap are not only being promoted by the Human Rights Council but also by other parties, such as Assofermet. However, it would be desirable if such situations had already been addressed during the safeguard procedure. In other words, precisely where it matters most. Unfortunately, many associations have once again shown that they are quite docile.
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