ArcelorMittal supports the protection of the EU steel market

In July 2018, the European Commission set temporary quotas for steel imports, which will be valid until February 3, 2019.

ArcelorMittal proposes to remove exceptions and exemptions for developing countries, which allowed, for example, Turkey to increase the supply of steel products to the EU in the second half of this year. The annual quota should be replaced by quarterly to avoid the risk of a sharp increase in supply in a short time.

In the opinion of ArcelorMittal Corporation’s Chief Financial Officer Aditya Mittal, the main problem of the global steel market is not growing protectionism, but overcapacity in China. China intentionally subsidizes steel exports to avoid oversupply in the domestic market. According to ArcelorMittal, the volume of steel production capacity in China should be reduced by 250 million tons per year. Therefore, the 140 million tons that have been removed from the market over the past few years is not enough.

Material MinProm >>