EU: Commission threatens foreign steel import taxes

The European Commission is reportedly considering imposing import taxes on stainless steel products from China and Taiwan in efforts to protect domestic competition in the market.

The EU authority has already launched an inquiry into the foreign importers to examine whether the companies are dumping their products in the EU at below-market prices, to the harm of domestic competitors like ThyssenKrupp and ArcelorMittal. The Commission said Thursday that it will now conduct a formal investigation of the matter.

Regulators now have nine months to decide whether to impose taxes on foreign steel imports, those provisional taxes would last for six months. The Commission has 15 months to decide whether to impose definitive taxes, which would last for five years.

According to reports, EU stainless steel producers had first complained that Chinese rivals were dumping their products in the EU more than five years ago. The Commission launched an investigation into the matter but closed its case in 2009 without imposing taxes on Chinese firms.

The investigation announced today was initiated from a complaint filed last month by stainless steel group Eurofer.

Full content: Bloomberg

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