EU steel producers are calling for tougher action against imports from China

The EU steel industry is pushing for tough action against Chinese imports. Also, a relaxation of environmental regulations before a meeting in Brussels regarding the future of the steel sector.

Ministers from the EU states will meet to discuss the dire situation faced by steel producers. Being underlined by a wave of closures of some factories in Great Britain – as well as ways to improve competitiveness.

EU steel industry representatives requested measures

They have called for „immediate” action against what they perceive to be unfairly traded steel products, especially from China, which are driving down prices. This has put pressure on companies in Europe. Given that the demand for steel is still 25 percent below the level before the financial crisis of 2007-2008.

Axel Eggert, director general of Eurofer (the European Steel Association) said: „If this situation continues, we will see more closures. We have a modest increase in the demand for steel in the EU, but it is covered almost entirely by imports.

„We need a fair and competitive playing field with our competitors worldwide. The EU should consider using all the trade instruments at its disposal.

The European Community must oppose the recognition of China as a market economy at the World Trade Organization. Being scheduled for the end of 2016. Critics say that such recognition would make it harder to levy effective fines against products considered to be subsidized or dumped at artificially low prices.

While a 25 percent collapse in steel prices over the past year has hit producers around the world, European companies say they have also been hit by high electricity prices and environmental policies that competitors from other countries regions do not face.

Article source: http://www.ft.com/cms/s/0/42c20304-84b0-11e5-8095-ed1a37d1e096.html#axzz3qyXB5kRm

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