The European Commission has initiated an investigation to assess whether the safeguard measure currently in place on imports of certain steel products should be prolonged beyond 30 June 2021.
The initiation of this investigation follows a duly substantiated request received from twelve EU Member States. The Commission will in its investigation determine, in accordance with the requirements of EU and WTO rules, whether the safeguard measure continues to be necessary to prevent or remedy serious injury to the EU steel industry and whether the industry is adjusting.
The investigation will also include a Union interest assessment. The investigation will be concluded by the expiry date of the existing safeguard measure on 30 June 2021.
The Eurozone’s manufacturing economy performed strongly in February 2021 as operating conditions improved to the greatest degree for three years. This was highlighted by the seasonally adjusted headline PMI which rose to 57.9, up from 54.8 in January 2021 and better than the earlier flash reading.
IHS Markit Chief Business Economist Mr Chris Williamson said “Manufacturing is appearing as an increasingly bright spot in the Eurozone’s economy so far this year. The PMI has reached a three-year high to run at a level that has rarely been exceeded in more than two decades of survey history, notably during the dot-com bubble, the initial rebound from the global financial crisis and in 2017-18.
Producers are benefitting from resurgent demand for goods in both domestic and export markets, linked to post-CO VID recovery hopes driving renewed stock building and investment in business equipment and machinery, as well as improved consumption.
The solid manufacturing expansion is clearly helping to offset ongoing virus-related weakness in many consumer-facing sectors, alleviating the impact of recent lockdown measures in many countries and helping to limit the overall pace of economic contraction.