Multilateral answers needed for ongoing steel conflict

 

 

For the European Union, steel has been a mainspring since the very first day of the Industrial age. Through European coal and Steel Community, the steel industry was implied in the beginning attempt to build the advanced Europe of unification. Thus the steel remains not only the component of their heritage but now playing a role in the industrial future of Europe. Meanwhile Europe is gradually depriving itself off coal. This requires few changes to strive and thrive in the industry by adapting the changes in global settings. In budding green transformation of industry, energy transformation and industry circularity, the steel industry should recognize and acknowledge its participation, build relevant markets, and to spend more in favorable technologies so that steel production and processes should be fossil-free and reduce carbon dioxide emissions. A lot of trust and faith has been placed by the European Parliament in the steel sector and assist it fore-fend challenges externally and are persuading that the international trade needs to be fair, free, just and work on the jointly-agreed rules. When exasperated with unfair practices of trade, EU does use multilateral policies to help its industry. EU’s ongoing trade conflict is with US President Donald Trump who first gave exemptions to EU on the tariffs imposed on imported steel and aluminum but later removed the exemptions to protect its national security. EU now need multilateral answers so that they could approve them to establish rules that could take into account all the environmental as well as social conditions in all production sites for global production standards. The European steel is of high quality that could help in the sustainable development processes so that competitors will be happy buying it globally.