The European Union has decided to hit hot-rolled steel from Iran and three other countries with trade tariffs despite initial opposition to punitive measures by European governments.
Iran's Mobarakeh Steel Company (MSC) will be subject to tariffs of 57.5 euros per tonne from Saturday, the EU’s official journal said.
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The EU has drawn up more than 40 restrictive measures aimed at protecting European steel producers which claim hundreds of thousands of jobs in the continent are at risk from imports. The bloc says "unfair competition" was causing "material injury" to its producers.
European protectionism
EU's increasing protectionism in the steel industry has drawn strong protests from other producers, including China which has accused the bloc of using the unfair and unreasonable surrogate country approaches.
European steel producers have been pressuring the continent’s leaders to copy draconian US regulations, including levies of more than 500 percent on steel imports in some cases.
Experts say EU’s protective measures highlight a drive in the bloc to keep steel industry regionalized and maintain clout on its annual sales of 166 billion euros.
Iran produces 16 million tonnes of steel a year, which the country plans to raise to 55 million tonnes by 2025.
A statement on the website of the Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) expects exports to hit 20-25 million tonnes by 2025.
The article has been adapted from its original source.
