EU sets duties on Brazil, Iran, Russia, Ukraine steel

EU sets duties on Brazil, Iran, Russia, Ukraine steel

Chamber Articles Category: Industry News Post Date: 10/10/17 Source: Reuters By: Philip Blenkinsop
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The European Union has decided to set duties on hot-rolled steel from Brazil, Iran, Russia and Ukraine after a complaint by EU manufacturers that the product used for construction and machinery was being sold at excessively low prices.

The EU will levy anti-dumping tariffs of between 17.6 and 96.5 euros ($20.6-112.8) per ton from Saturday, its official journal said.

The European Commission had initially proposed setting a minimum price - of 472.27 euros per ton - but revised its proposal after failing to secure backing from EU member states.

European steel association Eurofer, which brought the complaint, said it was happy the minimum price proposal had been dropped, but expressed disappointment that the Commission had opted for fixed-price rather than normal percentage tariffs.

Given the current price of steel, the fixed-price amounts were lower than the equivalent percentage tariffs the Commission had set out in its reasoning.

“This outcome is not in line with normal EU anti-dumping procedures and the objective to tackle unfair imports,” said Axel Eggert, Eurofer’s director general. Read Full Article