EU tariffs aimed at China hitting Ukraine, steel boss says
Summary
The EU has set new limits on steel imports to protect its own producers, reducing tax-free steel entry by nearly half. Ukraine’s steel industry leader says these cuts hurt Ukraine, especially because of the war with Russia, and wants the EU to make exceptions for Ukrainian steel exports.Key Facts
- The EU has lowered the amount of steel that can be imported tax-free by 47%, limiting it to 18.3 million tonnes per year.
- Ukraine’s steel export quota to the EU is smaller than in previous years despite the ongoing war with Russia.
- Metinvest, one of Ukraine’s largest steel companies, says the EU’s tariffs unfairly group Ukraine with other countries like China and Turkey.
- Ukrainian steel exports to the EU could fall by 50-60% because of the new rules.
- Steel is a major part of Ukraine’s economy, making up about 10% of income and one-third of exports before the war.
- Since Russia's full-scale invasion in 2022, all steel mills in Ukraine have been bombed at some point, seriously damaging the industry.
- Nearly 800 Metinvest workers have died during the conflict.
- Despite the difficulties, Ukraine relies heavily on the EU as its main steel market and has limited options for shipping steel elsewhere.
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