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EU cuts duty-free steel import quotas
The European Commission announced a reduction in duty-free steel import quotas to enhance protection for the European steel industry and increase the utilization of its production capacity. The new system will be implemented starting tomorrow, with yearly quotas reduced by 47% to 18.3 million metric tons, and a 50% tariff imposed on imports exceeding these limits. The aim of these adjustments is to raise the capacity utilization rate to 80%, which could lead to an increase in steel production within the European Union by up to 15 million metric tons.
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