Yuriy Ryzhenkov, CEO of Ukraine's Metinvest, urged the European Union to exempt Ukraine from new steel import tariffs. These tariffs aim to limit cheap imports from countries like China. Ryzhenkov called the tariffs "unfair" and noted they were set without considering Ukraine's ongoing conflict with Russia. He stressed that access to the European market is crucial for Ukraine's steel industry. He warned that exports to the EU could fall by 50% to 60% due to these restrictions.
Key Details
The EU has set a cap on tax-free steel imports at 18.3 million tonnes per year. This is a 47% reduction from levels in 2024. While the EU recognized Ukraine's tough situation in its steel policy, a spokesperson said the measures are needed to protect EU manufacturers from cheaper imports. The free-trade agreement between the EU and Ukraine does not stop the EU from using trade protection measures.
Background
Ryzhenkov said, "I think it's unfair that Ukraine has been treated in the same way as all of the other importers into the European Union." He asked for a specific exemption for Ukraine to improve access to the EU market. He highlighted the important role of steel exports for Ukraine's economy. He reiterated that the current restrictions do not aid Ukraine's recovery efforts amid the ongoing war.
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The new EU tariffs could greatly affect Ukraine's steel exports. This may impact the broader steel market and could lead to higher prices for steel products in Europe. Investors will monitor any changes in EU policy regarding Ukraine's trade status as the situation evolves.
Based on reporting by: bbc.co.uk