In a decisive move to stabilize the European steel market, the European Union has announced the extension of its steel safeguard measures for an additional two years.
The European Steel Association (EUROFER) has welcomed this decision, emphasizing the urgent need for a more permanent solution to the ongoing issue of global excess steel capacity.
The extension, which is set to last until June 2026, aims to address the record-high levels of import penetration within the EU. EUROFER's Director General, Axel Eggert, has highlighted the critical state of the market, with import penetration today surpassing levels from six years ago when the safeguard was first initiated.
The association stresses that Europe's position as a leading market for carbon-intensive excess capacity is at odds with its goals for decarbonization and poses a significant threat to the EU's clean technology value chains. With safeguards set to end in two years, EUROFER calls for immediate action to find a lasting resolution to the challenge of global excess capacity.
