The European Commission on Thursday opened an investigation into unfair trade practices by Chinese and Taiwanese steel manufacturers, saying preliminary evidence shows that a steep increase in imports from the two countries has hurt European producers.
The investigation is the latest attempt by EU steelmakers such as ArcelorMittal MT -0.60% to slow imports from Asian producers, mainly China. European manufacturers have brought numerous complaints in recent years alleging that Chinese manufacturers are exporting various steel products to Europe at unfairly low prices.
The investigation covers cold-rolled flat stainless steel, which has a wide range of industrial uses.
The Chinese Ministry of Commerce didn't immediately respond to a request for comment.
Imports of cold-rolled flat stainless steel from China and Taiwan into the 28-nation EU were worth €758 million ($1.03 billion) last year, 10 times what they were in 2002, according to Eurofer, the steel industry group that brought a complaint before the commission.
"China has built up huge capacities that are economically unjustified," said Eurofer director general Gordon Moffat. "Their increased output cannot be absorbed domestically. As a result they are flooding the markets which are still unprotected like the EU."
Source: The Wall Street Journal
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