The company welcomed the launch of the EU’s safeguard investigation into grain-oriented electrical steel as a much-needed first step, as stated by business unit head Marie Jaroni. Grain-oriented electrical steel is a critical material used in power grids. Imports of this product are not covered by the EU’s plans to nearly halve duty-free steel import quotas and impose a 50% tariff on excess shipments.

“Now it is crucial to act quickly and implement effective safeguard measures. Jobs and technological expertise can only be preserved in Europe in the long term under a level playing field,” Jaroni said.

Last week, Thyssenkrupp announced that it would extend production cuts at its Isbergues plant in northern France, citing a “disruptive surge in imports” into Europe.

Source: Reuters