The Brazilian steel sector has agreed to the US government's offer to set quotas for steel shipments into that country, thus avoiding a 25% tariff resulting from the US Section 232 investigation.
Producers have agreed to limit their exports to 70% of the 2015-17 average for finished steel products and 100% of the three-year average for semi-finished steel products, although the final details about the measure have yet to be defined, according to the Brazilian steel association, A??o Brasil. "We decided to accept the [United States'] offer," A??o Brasil executive president Marco Polo de Mello Lopes said on Wednesday May 2. On Monday April 30, the US government announced that it reached agreements in principle with Argentina, Australia and Brazil with respect to steel and aluminium quotas, but it did not give further details.The offer of a quota system had been anticipated last week. Under...