Global News Of Note: EU To Raise Steel Tariffs And China Outlines Steel Output

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• The Chinese government recently released its 2025-2026 Steel Industry Growth Plan. As Fastmarkets explained, the outline calls for four percent annual value-added growth while shifting focus from scale to quality and efficiency and renewed capacity discipline that will phase out outdated mills and make a greater push for hydrogen metallurgy and ultra-low emissions upgrades. Fastmarkets noted the targeted growth rate “is little changed from the growth targets” for 2023 and 2024.
• According to Bloomberg, the European Union (EU) plans to raise tariffs on steel imports to 50 percent and cut in half the volume of steel that is allowed into its region before that higher rate is imposed. WhileBloomberg have seen a draft plan, the EU has not released its publicly yet.
• As the GMK Center reported, the Canadian International Trade Tribunal (CITT) announced the termination of the review of its November 2020 decision regarding dumping of hot-rolled carbon steel sheet and high-strength low-alloy steel sheet from Ukraine. Specifically, the tribunal revoked the anti-dumping order, which means special duties on the specified products will no longer apply. As a result, the Canada Border Services Agency (CBSA) will no longer impose anti-dumping duties on Ukrainian steel imports. Read more at this link.