European buyers of imported steel products are shocked by the extension of existing safeguard measures for another three years at a time when most of the industry's segments are struggling from material shortage and, consequently, high prices.
European Union member states voted in the week ended June 18 in favor of a proposed extension of these measures for three years beyond their scheduled expiration on June 30, 2021, although the European Commission had not at that time released an official statement with final details of the case."We had been getting signals from both authorities and other market sources that the measures will be continued for another year. So it felt like a bad joke when we received a draft proposal with safeguard extensions for the next...