The European Commission said Tuesday it would tighten steel import restrictions to protect the EU's steel industry from a surge in imports.
The Commission said it is lowering the liberalization rate to 0.1% from 1% to limit the amount of steel that can be imported into the EU with no tariffs.
It also said that the mechanism that allowed countries to roll over unused quotas to the next quarter has been eliminated for categories with high import pressure and low consumption.
The restrictions will provide "breathing space for EU steel producers" to boost production and help regain market share, the EC said. "It also aims to increase employment and investment in green steel production."
Most adjustments will take effect on April 1, according to the Commission.
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