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Story summary
- The European Union's proposed safeguards for steel mills could significantly raise costs for manufacturers, according to the European Steel Using Industries lobby group.
- The measures include cutting tariff-free import quotas by nearly half and imposing a 50% duty on excess shipments.
- The European Commission estimates a 3.25% average price increase for steel.
- The European Steel Using Industries lobby group projects additional tariff costs of €5 billion to €9 billion annually.
