EU only bans imports of Russian finished steel

The import ban on Russian steel products will have less impact on the European steel industry than previously expected, as the EU only halts imports of finished steel from Russia.

Following the announcement of a fourth set of sanctions against Russia on March 11, including a ban on the import of certain steel products from the country, the European Commission issued an explanatory statement saying the ban only concerned finished steel. "These measures include ... the imposition of an import ban on steel products currently under safeguard measures, which cost Russia about 3.3 billion euros in lost export earnings," the European Commission communique said.

Since the safeguard restrictions only concern finished steel, imports of raw materials (iron ore, pig iron, etc.) and semi-finished products (slabs and billets) are permitted. However, given the sanctions imposed on several Russian banks, some of which have been removed from the SWIFT system, it is unclear how Russia's trade with the EU will develop. In addition, Russian companies and their owners have been sanctioned, including owners of steel companies such as Severstal, Metalloinvest, TMK and Evraz. NLMK is said to still be able to supply slabs to its rolling mills in Italy, Belgium and Denmark.

In 2021, the EU imported a total of 30.3 million tons of carbon and stainless steel products, of which 3.7 million tons came from Russia.