Monday, October 29, 2007

EU steel cos to seek tariffs on China imports - report

European steel producers including ThyssenKrupp AG and ArcelorMittal will today ask European Union trade officials to apply punitive tariffs on Chinese steel imports, people familiar with the matter told the Wall Street Journal.

It would take at least 10 months for the EU to apply tariffs, but trade officials in Brussels appear to be sympathetic, the newspaper noted. EU Trade Commissioner Peter Mandelson recently warned China that its current level of steel production is 'unsustainable'.

Chinese trade officials have said they are sensitive to European concerns and have promised to limit steel exports if they become excessive.

The complaint alleges China is selling steel in the EU at below cost and is damaging European producers.

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