Germany vows to press for quick action to reduce steel overcapacity

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BERLIN (Reuters) – Germany will press for convenient action by way of a global steel forum to lessen overcapacities on earth market, Economy Minister Peter Altmaier said on Wednesday, in front of a June 20 meeting because of the Global Forum on Excess Steel Capacity in Paris.

Altmaier said the european countries was currently discussing steel import quotas, according to global trade rules, to circumvent steel imports from other countries flooding the German and European markets caused by new U.S. tariffs on steel and aluminum imports.

He said there’s and a possibility that U.S. companies would apply for exemptions with regard to their irreplaceable steel suppliers in Europe.

"Providing I will be in political office, I can fight to be sure that the steel industry in Europe has fair chances but still contains a home in Germany," Altmaier said in the steel industry event.

"Through these trying times, we must set lay the groundwork to make sure they don't have problems with the unfair practices of others."

German steelmaker Thyssenkrupp (DE:TKAG) Steel Europe said more steel arriving at Europe as a consequence of U.S. steel tariffs can have a far more serious impact versus the tariffs themselves.

The direct impact in the tariffs could well be "painful, but manageable", Andreas Goss, CEO of Thyssenkrupp Steel Europe, said told identical event on Wednesday.