The Council of the European Union reached an agreement with the European Parliament on updated steel safeguard measures. The new policy sets an annual quota of 18,345,922 tons, with a 50% duty applied to any shipments exceeding this limit.

Quota allocations per product depend on trade shares from 2022 to 2024. The European Commission holds the power to adjust these volumes between 14.4 million and 22.2 million tons based on market demand, decarbonization progress, and security interests.

These rules apply to all third countries except Norway, Iceland, and Liechtenstein. A key provision keeps the "smelting and casting" requirement, forcing importers to provide factory test certificates to verify the origin of the steel.

The European Parliament will hold its first reading of this draft legislation on May 18.