Following the agreement between the US and the EU on customs tariffs on steel imports, a new era has begun in the direction of reducing the high level of protective barriers inherent in the global steel trade. About this declared at the Turkish Steel Association.
“Given that our overall foreign trade with the US and EU countries is in a balanced structure, given the efforts to increase bilateral trade with the US to the level of $ 100 billion, the application of quotas between the US and the EU should be implemented with taking into account our country, and the existing quotas in our relations with the EU should be weakened, ”the association said in a statement on Tuesday.
In 2020, steel production in Turkey grew faster than the world average and amounted to 6.1%. In the first 10 months of 2021, global steel production increased by 5.9%, while production in Turkey increased by 14.2%. Given that this trend may continue in the next 2 months, in addition to the positive situation in 2020, production growth in Turkey is expected to be 3 times higher than the growth in global steel production at the end of the year.
“Undoubtedly, this increase in production plays an important role not only in domestic but also in external demand. Thanks to active export, despite all the protective measures, our industry successfully operates on the international market. It is expected that this situation will continue in the coming months, ”the association noted.