The EU has launched a steel safeguard probe into Taiwanese steelmakers over steel imports to the bloc, the Ministry of Economic Affairs said yesterday.
The European Commission has launched the probe into 26 categories of steel products imported to the EU between 2013 and last year after such imports surged 65 percent over the period from 17.8 million tonnes to 29.30 million tonnes, the ministry said in a press release.
The EU has also found that the imports have undermined European steelmakers’ market share, as the prices of imported steel products were lower than locally made products, the release said.
The investigation is considered part of EU’s response to the US’ steel tariffs, the ministry said.
US President Donald Trump on Thursday last week temporarily excluded six of Washington’s allies, including the EU, Canada and Mexico, from higher import tariffs on steel and aluminum products.
“Local steelmaker should be wary of potential effects from the probe, as the EU is the second-biggest market for local steel mills after ASEAN markets in terms of the steel products being probed,” a ministry official said by telephone.
Taiwanese steelmakers last year exported about US$1.3 billion of steel products that are subject to the EU’s investigation, Bureau of Foreign Trade statistics showed.
The figure represented about 14 percent of total steel exports by local steelmakers, the statistics showed.
Taiwan is the seventh-largest steel exporter to EU, the ministry said.
The investigation, which might last between nine and 11 months, could result in the EU imposing its own quotas or tariffs on steel imports, including stainless steel and pipes, to prevent harm to the region’s industry, the ministry added.
Possible tariffs or quotas would apply to all nations exporting steel to the EU, meaning that major exporters China, India and Turkey would also be affected, it said.
Taiwanese steel exporters are advised to complete a questionnaire and respond within 21 days of the EU’s announcement of the probe on Tuesday, it said.
Additional reporting by staff writer
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