Since January 1 of this year, the volume of steel imports has skyrocketed in Europe and causing sharp drops in local prices.
For example, imports of stainless steel bars and rods increased by more than 1,000% year-on-year, while prices fell by 88%.
Therefore, Ilse Henne, member of the Executive Board at Thyssenkrupp, stated that it is time to act, given that the threat to the European steel industry is real. Her company was reducing its production capacity from 11 million to 9 million tons per year due to weak demand.
Maroš Šefèoviè, the European Commissioner for Trade and Economic Security, stated that the safeguard measures that began in 2016 and are due to expire in 2026 are being reviewed, and a system to replace the current one is likely to be proposed this summer.