(Finance) – The French Minister of Industry, Marc Ferracci said that “the European industry and the steel sector need protection, which in the short term means strengthening safeguard measures”. Speaking to a sector event in Paris, Ferracci underlined the current “difficult situation” that the industrial sector is facing, close between China’s competition and the now imminent US duties. “If we do not adopt strong measures, the plants will close,” he warned.
The French minister said that the EU safeguard measures applied in 2016 – which should end in 2026 – are no longer suitable for the reality of the European steel market, nor in terms of volume, nor as regards tariff levels. This is why Ferracci asked Brussels to respond firmly but proportionately to the latest Trump’s tariff threats, which he described as “worrying but not surprising”.