It was reported that the European Union (EU) has canceled the Brazilian steel quotas for stainless steel and steel profile from its proposal for adjusting the current safeguard measures on steel imports. The European Commission (EC) submitted the latest plan to the World Trade Organization (WTO) last week, and it said that the adjustment was to make the measures to fully meet WTO rules.

The cancellation of steel quotas for Brazilian stainless steel and steel profile can raise the market share of both products, especially for stainless steel due to its high added value, according to Marco Polo de Mello Lopes, the president of Brazil Steel Institute (Instituto Aço Brasil, IABr).

The EC said that this proposal will be implemented in October 2019 after the discussion of the affected WTO members and the approval by the EU member states.