EU's Bold Move to Protect Its Steel Industry

The European Commission is drafting an action plan to impose export restrictions and duties on European scrap steel and metals. This initiative aims to support the struggling steel industry. Additionally, the EU will explore safeguard measures in response to U.S. tariffs on aluminium and steel.

The European Commission is preparing to introduce export restrictions and duties on European scrap steel and metal exports. According to a draft of the steel action plan, these measures are part of the EU's strategy to protect its faltering steel industry.

The proposed plan comes as the steel sector faces significant challenges, including increased competition and global trade dynamics. The EU aims to stabilize the industry through these protective measures.

Furthermore, the EU will investigate potential safeguard measures to counteract the impacts of U.S. tariffs on aluminium and steel. This move reflects the EU's commitment to supporting its domestic industries.

(With inputs from agencies.)