On May 31, US Secretary of Commerce Gina M. Raimondo announced that the US will extend the temporary suspension of Section 232 tariffs on Ukrainian steel for another year. The tariffs were suspended in May last year for one year, as SteelOrbis previously reported.
In addition, the US will expand the scope of President Biden’s decree to include the suspension of the tariffs on products from the EU made from steel originating in Ukraine. The duty-free treatment will require a certificate proving that steel products further processed in a member state of the EU are of Ukrainian origin. Such a development is expected to support the struggling steel industry in Ukraine, which has mainly been supplying its products to Europe. Moreover, market players expect the demand for Ukrainian steel to increase in the EU, particularly demand from longs producers for billet and demand from pipe-makers for HRC.
Meanwhile, last week the EU also extended the suspension of duties on Ukrainian products for another year, until June 2024, as SteelOrbis previously reported.