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. Last Updated: 07/27/2016

EU Mulls Cuts To Steel Imports

BRUSSELS, Belgium -- The European Commission has approved a proposal to reduce import quotas for some steel products from Russia by 20 percent this year.

It said Wednesday the move was in retaliation for Russia's imposition of a 15 percent export duty on scrap metals, which it said was a violation of an accord signed in 1997 between Moscow and the European Coal and Steel Community.

The commission said in a statement the Russian export tax had had the effect of restricting deliveries of ferrous scrap. International scrap prices had risen and caused "severe injury" to the EU's steel industry.

The draft decision for a cut in the Russian steel quotas, equivalent to a sanction of around 30 million euros ($30.06 million), had now been sent to member state governments for a final decision, it added.