| Author (Corporate) | European Commission |
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| Series Details | COM (2016) 155 |
| Publication Date | 16/03/2016 |
| Content Type | Policy-making |
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Summary: Communication published by the European Commission in March 2016 setting out how the European steel sector can overcome its short-term and long-term challenges with the support of Member States and the EU institutions. Further information: The European steel sector is characterised by modern, energy- and CO2-efficient plants producing high value added or niche products for the world market, based on an outstanding R&D network. Despite its strong potential, Europe's competitive position on the global steel market deteriorated throughout the years. While global demand remained buoyant in the wake of the economic and financial crisis, the economic slowdown of emerging economies had a negative impact on global steel demand since 2014. In addition, the spare production capacity in certain third countries has increased dramatically. The excess production of steel has led to a dramatic increase of exports, destabilising global steel markets and depressing steel prices worldwide. Market prices for some steel products collapsed due to the surge of volumes. Some third countries reacted by imposing trade restrictions and other forms of trade barriers. In addition, the overcapacity gave rise to an unprecedented wave of unfair trading practices distorting the global level playing field. In 2015 and early 2016 alone, the Commission launched ten investigations against unfair trading practices relating to steel. These circumstances compound a number of additional long-term challenges requiring a forceful response at the European level, helping the steel sector to adapt, innovate and use its potential in terms of quality, cutting-edge technology and a highly skilled workforce. The Communication argues that a comprehensive response is required by industry, Member States and the European Union. It also lists a number of measures already put forward at an EU-level. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52016DC0155 |
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| Subject Categories | Business and Industry |
| Keywords | Steel |
| International Organisations | European Union [EU] |
