9 September 2025 – For years, EU steelmakers have been importing substantial volumes of steel slabs, including from Russia. Now, German steel giant thyssenkrupp has called on the German government and the European Union to take measures against this practice. Meanwhile, iron ore prices in Asia have climbed to their highest level in 11 months.
Iron Ore Prices in Asia Reach 11-Month High
Iron ore prices in Asia continued to rise today. On the Singapore Exchange (SGX), contracts climbed to over USD 107 per ton, the highest level in 11 months. Analysts attribute this primarily to expectations of stronger demand from China.
EU Slab Imports Facing Trade Defense Action?
For years, EU steelmakers have imported significant volumes of so-called semi-finished steel products – billets, blooms, and slabs. On average, European companies purchase around 3.6 million tons of slabs annually – despite the extensive sanctions imposed on Russia in connection with the Ukraine conflict. The critical point: certain steel slabs were granted generous transition periods under EU sanctions, lasting until 2028.
More Than 8 Million Tons of Imported Slabs Per Year
Imports of slabs and other semi-finished steel products have long been highly popular among European steelmakers. In total, more than 8 million tons are imported each year (Source: EUROSTAT).
The reasons are obvious:
- These products are not subject to any trade defense measures.
- They are available at low prices.
- They can almost exclusively be further processed in the rolling mills of large producers.
- By importing slabs from non-EU countries, steelmakers can also reduce significant volumes of CO2 emissions, freeing up free-allocated EU ETS certificates that can then be sold for substantial additional profit.
EU Trade Defense: A Striking Loophole on Steel Slabs
Slabs are also not covered by the EU Safeguard measure on certain steel products – even though they alone account for more than 20% of all steel imports.
This striking loophole in the otherwise extensive and meticulously enforced EU trade defense regime exists because only domestic steelmakers benefit from slab imports. In addition, European stainless steel producers are increasingly purchasing slabs from regions that they themselves had previously targeted with strict trade defense measures on downstream stainless products.
Growing Division Among EU Steelmakers Over Slab Imports?
There now appears to be growing division among European steelmakers regarding the 8 million tons of imported slabs. For several months, individual producers and steel associations have voiced criticism of the practice.
Most recently, German steel giant thyssenkrupp Steel Europe denounced the “flood of Russian slabs” as unacceptable and demanded action from the German government and the EU. In principle, thyssenkrupp could even initiate such a proceeding with the EU itself – if it managed to rally sufficient support from other producers. So far, however, that does not appear to be the case.
SMEs Disadvantaged by EU Trade Defense Measures
The slab debate highlights the deeper problems with EU trade defense legislation. These measures are designed almost exclusively to benefit large, often multinational corporations and have devolved into a purely political tool. Dumping or unfair competition in the EU market is driven by these dominant players – not by small and medium-sized enterprises (SMEs).
Yet in the end, it is SMEs that suffer the greatest disadvantages from trade defense measures, with their competitiveness increasingly curtailed.
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