EU promises support for steel sector as US trade tariffs loom

The EU Commission on Tuesday said it will present plans to make Europe's ailing steel sector more competitive and to shield it from looming U.S. trade tariffs in the spring.

Its action plan will follow a 'strategic dialogue' with key representatives of the sector chaired by commission president Ursula von der Leyen on March 4.

Europe's steel industry called on the EU Commission in November to take immediate action to avert what it termed the sector's irreversible decline.

It urged the EU to come up with plans addressing trade, the EU's carbon levy on imports, energy and scrap as part of broader proposals to help companies reach the EU's 2050 carbon neutrality goal.

Since then, U.S. President Donald Trump has announced plans to introduce new 25% tariffs on all steel and aluminum imports into the United States, on top of existing metals duties.

"The steel industry is a key sector of our European single market. At the same time this industry is of utmost importance in our fight against climate change," von der Leyen said in a statement.

"We want to ensure that the European steel industry is both competitive and sustainable in the long-term."

On March 4, steel manufacturers, raw material suppliers, and other parties related to the sector will discuss how to enhance competitiveness, drive decarbonisation and electrification and ensure fair trade relations, the Commission said.

Commission Vice President Stephane Sejourne will then launch a "dedicated steel and metals action plan" in the spring, it said.