ArcelorMittal endorses EU steel trade measures

Luxembourg-based steelmaker ArcelorMittal says it welcomes this week’s European Commission (EC) proposal pertaining to lower shipment quotas for tariff-free steel into the European Union and an increase in the tariff rate for steel shipped beyond the new, lower quota levels.

A news release posted to an EU trade delegation website says the proposed measures limit annual tariff-free import volumes to 18.3 million tons a year (a reduction of 47 percent compared to the 2024 level); double the out-of-quota duty rate to 50 percent, up from the current 25 percent rate; and strengthen the traceability of steel markets by introducing a "melt-and-pour requirement” to prevent Carbon Border Adjustment Mechanism (CBAM) circumvention.

The EU describes says the measures are “vital for the survival of the steel industry in Europe, which is in crisis due to the volume of low-priced imports arriving in the EU coupled with shrinking demand and weak economic conditions.”

“On behalf of all the employees of ArcelorMittal in Europe, I am sincerely relieved by the proposals that have been announced today to support the European steel industry,” ArcelorMittal CEO Aditya Mittal says.

“I would like to thank the commission and the member states for understanding the criticality of the situation and acting appropriately and decisively. The European steel industry and manufacturing more broadly can have a much stronger future now, and today marks a step in that direction.” 

ArcelorMittal Europe CEO Geert Van Poelvoorde says the company will press for a "swift introduction" of the new tariff quota.

“ArcelorMittal and the European steel producers have been heard: Today, we can breathe a sigh of relief, with the EC’s announcement of the new, strengthened tariff quota proposal,” Van Poelvoorde says.

"We are also awaiting an announcement from the commission regarding the revised Carbon Border Adjustment Mechanism (CBAM) by the end of this year. Today’s proposal, together with an effective CBAM, will help to stem the shrinking of the steel industry in Europe.”