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EU Tightens Screws On Russian, Chinese Steel Imports

The European Union has imposed antidumping duties on cold-rolled flat steel imports from China and Russia.

"We cannot allow unfair competition from artificially cheap imports to threaten our industry," EU Trade Commissioner Cecilia Malmstroem said on February 12.

Russian makers of non-stainless steels now face EU tariffs as high as 26.2 percent.

The antidumping duties are for six months and may be prolonged.

Russian exporters criticized the move, which comes as the European steel sector faces increasing pressure from global overproduction and international competition.

Severstal said the measures violate World Trade Organization rules, while Novolipetsk Steel and Magnitogorsk Iron & Steel Works said they ship cold-rolled steel to the EU at market prices.

Based on reporting by dpa, AFP, and Bloomberg