EU proposes cutting steel imports by 15% as Trump tariffs bite

The European Union will tighten steel import quotas to reduce inflows by a further 15% from April, European Commissioner for industry Stephane Sejourne told Reuters in an exclusive interview.

Shares of ArcelorMittal, Europe’s top steel producer, rose after the Reuters report on Wednesday, hitting their highest for the session.

Why it matters

The move is aimed at preventing cheap steel flooding the European market after Washington imposed new tariffs. European steel producers already battling high energy prices and competition from Asia and elsewhere warn that the EU risks becoming a dumping ground for cheap steel diverted from the U.S. market, which could kill off Europe’s plants.