Europe to extend steel safeguard for three years

The European Commission will extend its steel safeguard for three years rather than the much expected one-year period, sources in Brussels suggest.

The commission is expected to propose a 3pc increase to quota volumes, rather than 5pc.

The commission launched a review of the import safeguard measures in February and its announcement of filings has been delayed in the last few weeks. Sources said the commission was trying to find a "suitable" compromise for both buy- and sell-sides of the market.

Member states received a copy of the proposed extension yesterday.

The UK Trade Remedies Authority recently announced its recommendation to extend the safeguard for another three-year period, which caused some surprise given the previous expectation that Europe would only extend for one year.

Sources said the commission has been debating how long the safeguard should be extended for, with some wanting a longer extension than others.

By Colin Richardson