EU to Bolster Steel Industry Protection Against Tariffs and Cheap Imports

The European Union is set to enhance the protection of its steel industry, a sector deemed critical for defense, against tariffs, inexpensive imports, and elevated energy costs. The European Commission introduced a steel action plan on Wednesday. A long-term substitute for the steel safeguard measure, currently a quota system set to expire next year, will be proposed in the third quarter. The commission will also assess the potential implementation of analogous measures for the aluminum sector.