US extends duty-free regime for Ukrainian steel for a year
The United States has extended the duty-free treatment for Ukrainian steel and steel made in the European Union from Ukrainian raw materials for another year, the White House said.
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The regime, which is now set to last until June 2024, cancels a 25-percent import duty on Ukrainian steel.
Since last year, Ukrainian steel imported to the United States has slightly increased compared to 2021, but it still remains below the average import volume before 2021.
In 2022, it accounted for less than 1 percent of all steel imports to the United States.
"Throughout this year, we have been explaining to our partners that the main way to restore Ukrainian steelmaking is to integrate it into production chains in the EU and the US," Yuliia Svyrydenko, Ukraine’s economy minister, said.
"The US president's proclamation is one of the most practical ways to strengthen this integration."
Ukraine’s steel production in the first quarter of 2023 was 66.22 percent lower than in the first quarter of 2022, at 1.23 million tonnes versus 3.6 million tonnes, respectively.
Before Russia’s full-scale war, Ukraine was one of the top 20 global steel producers.
Now, it ranks 26th among 64 steel-producing countries with 1.81 million tons produced in the first four months of this year, which is 54 percent less compared to January-April 2022.
