A PYMNTS Company

EU: US, Russia, Asia Nations said to face 5-year steel measures

By  |  October 8, 2015

European Union governments cleared the way for five-year EU trade protection against electrical steel from the U.S., Russia, Japan, China and South Korea in a bid to curb competition for producers in the bloc such as ArcelorMittal and ThyssenKrupp AG, according to two people familiar with the matter.

Trade representatives from the 28-nation EU gave the green light on Thursday in Brussels to a European Commission proposal to impose minimum-import prices on American, Russian, Japanese, Chinese and Korean shipments of grain-oriented electrical steel — or GOES — until late 2020, the people said on condition of anonymity because the deliberations were private.

The measures on this niche steel product, which is used in power transformers, are meant to punish exporters in the five countries for allegedly having sold it in the EU’s 400 million- euro market below cost, a practice known as dumping.

Full content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.