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US suspends import taxes on Ukrainian steel for one year

6. US suspends import taxes on Ukrainian steel for one year
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The United States suspended its 25% Section 232 tariffs on steel imports from Ukraine on May 9, citing the importance of the steel industry to Ukraine’s economy as the country continues to defend itself against Russia.

“We have to support one of the most important industries to Ukraine’s economic well-being”, said Commerce Department Secretary Gina Raimondo during the announcement of tax suspension. “To continue as an economic backbone for Ukrainians, steel mills must export from Ukraine.”

In 2021, the output of crude steel in Ukraine increased 3.6% year over year to 21.4 million mt. according to the country’s steelmaking industry association Ukrmetallurgprom.

A steel plant in Mariupol, one of the largest in Europe, has been a key target of Russia’s war on Ukraine in recent weeks.  It consists of furnaces, warehouses, and tunnels. Women and children have been evacuated from the site, but Ukrainian troops remain ensconced in the facility’s vast underground network of tunnels.

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