EU to halve steel import quotas to revive domestic industry

BRUSSELS (Reuters) -The European Commission proposed on Tuesday cutting tariff-free steel import quotas by almost half and a 50% duty for excess shipments in a bid to preserve viable steelmaking in the European Union. Due to rising imports and U.S. tariffs, EU steel producers are operating at only 67% of capacity and the new measures, in line with those reported by Reuters last week, are designed to push that up towards 80%. EU steel is currently protected by safeguards that cap imports of 26 steel grade ...