European Steel Stocks Surge as Brussels Imposes Tough Tariffs

European steel equities experienced a significant rally following the European Commission’s announcement of substantially increased trade barriers. The move, which aligns EU policy more closely with American trade strategy, sent shares of continental steel producers soaring, with Austrian steelmaker Voestalpine reaching new annual peaks.

In a decisive policy shift unveiled last week, Brussels revealed plans to dramatically increase import duties on foreign steel. The tariff rate will jump from the current 25% to 50%, representing a doubling of the previous levy. Even more impactful, import quotas for international steel are set to be nearly cut in half.

EU Industry Commissioner Stéphane Séjourné articulated the reasoning behind this protectionist pivot: “The EU will no longer be the only... Read more...