Press releases » Further exemptions to EU sanctions against Russia are historic mistake
Further exemptions to EU sanctions against Russia are historic mistake
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“EU Member States have made a historic mistake by granting further exemptions to imports of highly carbon-intensive Russian semi-finished steel products. This decision fuels a perverse system that not only weakens EU sanctions against Russia but also runs counter EU climate targets. The opportunistic interests of a handful of steel processing enterprises, taken up by a few Member States with a veto right, are undermining the objectives of the sanctions, where steel plays a strategic role not only in the overall Russian economy but also directly in the Russian military machine engaged in the war of aggression against Ukraine,” said Axel Eggert, Director General of the European Steel Association (EUROFER).
“Currently, Russian slabs are 26% cheaper than slabs from other third countries. It is clear why certain steel processing companies are determined to maintain the current bonanza they unfairly take advantage of,” he added, concluding: "If Ukrainian re-rollers operating in the EU can diversify their sources of imports of semis away from Russia, why not the few other importers?".
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Brussels, 29 October 2024 – The European steel market faces an increasingly challenging outlook, driven by a combination of low steel demand, a downturn in steel-using sectors, and persistently high import shares. These factors, combined with a weak overall economic forecast, rising geopolitical tensions, and higher energy costs for the EU compared to other major economic regions, are further deepening the downward trend observed in recent quarters. According to EUROFER’s latest Economic and Steel Market Outlook, apparent steel consumption will not recover in 2024 as previously projected (+1.4%) but is instead expected to experience another recession (-1.8%), although milder than in 2023 (-6%). Similarly, the outlook for steel-using sectors’ output has worsened for 2024 (-2.7%, down from -1.6%). Recovery projections for 2025 are also more modest for both apparent consumption (+3.8%) and steel-using sectors’ output (+1.6%). Steel imports share rose to 28% in the second quarter of 2024.
Fourth quarter 2024 report. Data up to, and including, second quarter 2024
Brussels, 22 October 2024 – The steel crisis will be at the centre of the European Parliament (EP) Plenary sitting tomorrow morning in Strasbourg. Members of the European Parliament (MEPs) will debate how to tackle the dire situation facing the European steel industry and its workers, caused by global steel overcapacity, unfair trade, low demand in the manufacturing industry and high energy prices in the EU. This public discussion raises high expectations for a fit-for-purpose EU Steel Action Plan to be implemented swiftly to save the sector as the basis for EU manufacturing, underscores the European Steel Association.