[Fortescue Surpasses 200 Million MT Annual Iron Ore Shipments for the First Time]

ArcelorMittal has called on the European Union to extend the Carbon Border Adjustment Mechanism (CBAM) starting in January 2026 and the revised Tariff Rate Quota (TRQ) system starting in July 2026 to cover downstream steel products by 2027. The company warned that nearly two-thirds of non-grain oriented electrical steels (NGOES) used for new electric motors and generators in Europe are imported from outside the EU. Failing to protect this downstream value chain undermines the EU's climate policies and risks devastating Europe's strategic manufacturing autonomy amidst subsidized global overcapacity.

The EU has replaced its safeguard regime with a stricter Tariff-Rate Quota (TRQ) system, setting an annual tariff-free volume of 18.35 million metric tons (mt) across 26 categories, which EUROFER believes could restore up to 15 million mt of lost European steel production. However, UK producers warned of market access challenges, noting that over 70% of UK steel exports go to the EU. Although roughly two-thirds of UK exports will remain tariff-free for the next five years, the potential for 50% tariffs once quotas are exhausted highlights the growing friction and complex trade dynamics in post-Brexit supply chains.