EU to curb steel imports after Trump tariffs

EU manufacturers of the products ranging from hot and cold rolled sheets, plates, coated steel and tubes include ArcelorMittal, Voestalpine and Tata Steel. (Reuters)
Updated 18 July 2018
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EU to curb steel imports after Trump tariffs

BRUSSELS: The European Union will launch measures on Thursday designed to prevent a surge of steel imports into the bloc following the US imposition of tariffs on incoming steel and aluminum, the EU’s official journal said.
The European Commission has proposed a combination of a quota and a tariff to counter EU concerns that steel products no longer imported into the United States would instead flood European markets.
The measures are the third part of the EU’s response to US tariffs. It has also imposed tariffs on €2.8 billion ($3.3 billion) of US imports, including bourbon and motor bikes, and has launched a legal challenge at the World Trade Organization.
The quotas for 23 steel product categories have been set at the average of imports over the past three years, with a 25 percent tariff set for volumes exceeding those amounts. These quotas are allocated on a first come first serve basis.
The main exporters of steel to the EU are China, India, Russia, South Korea, Turkey and Ukraine.
The Commission said that the EU steel industry was “in a fragile situation and vulnerable to a further increase in imports,” with US tariffs reducing its capacity to sell there making them even more vulnerable.
“In the absence of provisional safeguard measures, it is likely that the situation will develop into actual serious injury in the foreseeable future,” the EU official journal said.
European Trade Commissioner Cecilia Malmstrom said in a statement that the bloc was faced with no choice given the threat of serious harm to EU steelmakers and workers, but that EU markets would remain open with traditional trade flows.
The Commission will continue its investigation, which was launched on March 26, until the end of the year. The provisional safeguards can be in place for up to 200 days.
Imports of 28 products increased by 62 percent from 2013 to 2017, most noticeably in 2016 and with further rises this year. However, for five products, imports did not increase, leading the Commission to exclude them from its measures.
For 12 steel product categories, imports from countries including China, Russia and Ukraine are already subject to anti-dumping and anti-subsidy duties. The Commission said it would consider suspending or reducing them to avoid the imposition of “double duties.”
EU manufacturers of the products ranging from hot and cold rolled sheets, plates, coated steel and tubes include ArcelorMittal, Voestalpine and Tata Steel.


Saudi energy minister compares electric vehicle ‘hype’ to peak oil misconceptions

Updated 15 October 2018
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Saudi energy minister compares electric vehicle ‘hype’ to peak oil misconceptions

  • Khalid Al-Falih on Monday questioned what he described as the “hype” of the electric vehicle market
  • Compared it to past misconceptions around the theory of peak oil

LONDON: Saudi Energy Minister Khalid Al-Falih on Monday questioned what he described as the “hype” of the electric vehicle market and compared it to past misconceptions around the theory of peak oil.
He told the CERAWeek energy gathering by IHS Markit in New Delhi that petrol and diesel engines would co-exist with emerging electric and hydrogen fuel cell technologies for much longer than widely expected.
Miscalculations around the pace of electrification could create “serious” risks around global energy security, he said.
“Conventional vehicles today, despite all the hype, represent 99.8 percent of the global vehicle fleet. That means electric vehicles with 0.2 percent of the fleet, only substitute about 30,000 barrels per day of oil equivalent of a total global oil demand of about 100 million barrels.
“Even if those numbers increase by a factor of 100 over the next couple of decades, they would still remain negligible in the global energy mix.”
He said: “History tells us that orderly energy transformations are a complex phenomenon involving generational time frames as opposed to quick switches that could lead to costly setbacks.”
In another broadside aimed at electric vehicles, the Saudi energy minister highlighted past misconceptions about global energy demand growth — and specifically the notion of “peak oil.”
“I remember thought leaders within the industry telling us that oil demand will peak at 95 million barrels per day. Had we listened to them and not invested . . . imagine the tight spot we would be in today.”
“Let’s also remember that in many parts of the world, roughly three fourths of the electricity, which would also power electric vehicles, is currently generated by coal, including here in India. So you could think of any electric vehicle running in the streets of Delhi as essentially being a coal-powered automobile.”
“When it comes to renewables, the fundamental challenge of battery storage remains unresolved — a factor that is essential to the intermittency issue impacting wind and solar power. Therefore the more realistic narrative and assessment is that electric vehicles and renewables will continue to make technological and economic progress and achieve greater market penetration — but at a relatively gradual rate and as a result, conventional energy will be with us for a long, long time to come.”