Capital market-relevant press releases, 2002-03-27, 01:00 AM
ThyssenKrupp Steel welcomes measures to protect the European steel market
In direct response to the tariffs imposed by the US President, the European Commission has decided, today to introduce provisional measures to protect the steel market in the EU. Operating initially for a 200-day period, the safeguards will restrict imports of 15 products, including in particular many of the carbon flat products made by ThyssenKrupp Stahl AG.
Up to a level representing the average imports in the reference period 1999 to 2001 plus 10%, these 15 products can be freely imported into the EU as before. Above this, tariffs of between 14.9 and 26% will be payable. In the 200-day period the Commission will examine whether more extensive import restrictions should be imposed for these and other products.
Dr. Ulrich Middelmann, Executive Board Chairman of ThyssenKrupp Steel AG, welcomes the decision of the European Commission: "The safeguards will effectively contribute toward stabilizing the European steel market. We are confident that this will prevent diverted volumes from exerting greater import pressure. With these measures the EU Commission is strongly defending the interests of the European steel industry."
Unlike the US tariffs, which have been imposed on all affected imports into the USA, the measures resolved by the European Commission allow imports to remain at a level which will not impair the traditional flow of supplies to the EU and will not place steel consumers there at a disadvantage. Complying fully with the rules of the World Trade Organization (WTO), the sanctions are designed only to prevent a sudden surge of steel imports which would damage steel producers in the EU.
ThyssenKrupp Stahl AG
Phone:+49 203 / 52 - 2 62 67
Fax:+49 203 / 52 - 2 57 07