Slnc schreef op 15 augustus 2019 21:09:
EU cuts steel import quotas after industry protests
Aug. 15, 2019 2:59 PM ET|About: ArcelorMittal (MT)|By: Carl Surran, SA News Editor
The European Commission reduces the planned increase in tariff-free steel quotas to 3% from 5%, in an effort to protect against a rise in imports prompted by U.S. tariffs.
Top steel executives including a division chief at ArcelorMittal (MT +0.2%) had urged the EC to scrap or postpone the 5% increase which took effect on July 1, saying the European steel industry was under threat.
The Commission also plans to curb any one country of exceeding a 30% share of imports of hot rolled flat steel during a quarter, which may affect Turkey, which has had a large share of imports into the European Union.
"Most notably, Indonesia... has lost its exemption for hot and cold rolled stainless products" in the proposals, Jefferies analyst Alan Spence says.
Separately, MT says a fire that broke out at its steel plant in Krakow, Poland, today has been extinguished but the blast furnace would be shut down for 2-3 days to check for damage; the plant produces ~1.5M metric tons/year of steel