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European Union imposes import duties on cheap steel from China

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European Union imposes import duties on cheap steel from China

Import duties have been imposed by the EU on two types of Chinese steel, for the purpose to protect the market from the low-priced material, Reuters reports.


Last year, about 5,000 jobs have been cut in the UK steel industry in competition with cheap products imported from China. High energy costs aggravated the situation of British domestic producers.

China, the country, which is the largest steel consumer, supplies 50% of the world's steel. Given that today steel overcapacity has become a global problem, Eurofer, a European steelmakers association, welcomed the fact that the duties would take effect on Saturday, earlier than normal.

However, it should be noted that the duties are provisional and will last until the European Commission completes its investigation.

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