26/06/24 (Agence Europe) – The European Commission decided to extend its safeguard measure on steel on Tuesday 25 June (see EUROPE 13424A23). Fourteen Member States had expressed the wish to see it renewed (see EUROPE 13347/16). A tariff of 25% will therefore continue to be applied to certain steel products when imports exceed the quotas set by the regulation. The regulation will expire on 30 June 2026, as the World Trade Organization (WTO) only authorises safeguard measures for a period of 8 years. The steel industry welcomes the extension of the Regulation: “The current situation is even worse than it was 6 years ago when the process was initiated. [...] Europe has become a favoured export market for carbon-intensive overcapacity at a time when we are striving to lead the decarbonisation process”, says Eurofer Director General Axel Eggert. See the Regulation: https://aeur.eu/f/ctj (LM)