Turkey’s steel sector could face losses after cuts to EU quotas, industry chief says

New restrictions on imports to the European Union next month may further damage the Turkish steel sector, even as it seeks new markets to compensate for losses from US and EU tariffs, Turkey's Steel Exporters' Association (CIB) chief said.

Turkey's steel sector has come under pressure from an economic slowdown which has taken its toll on the construction, automotive and white goods sectors, driving down steel consumption by 31 percent in the year to July and production by more than 10 percent.
Steel exports, already down 0.8 percent to $9.4 billion in the year to end August, will fall to $13 billion in 2019 from $15.6 billion last year, CIB Chairman Adnan Aslan told Reuters in an interview.
In February, EU quotas for 26 grades of steel were set at the average level of imports in 2015-2017 plus 5 percent, with further 5 percent hikes due in July and in July 2020....

Continue reading on: