The European Commission will propose cutting steel import quotas by nearly half and hiking duties on volumes above those levels to 50% in line with tariffs imposed by the US and Canada, a source briefed on details told Reuters on Wednesday. The measures will be part of a new package for the steel sector set to be officially unveiled on Oct 7. Stephane Sejourne, the Commission's executive vice-president for industrial strategy, briefed steel associations on Wednesday ahead of next week's announcement. The bloc's current steel safeguards will expire on June 30 next year. The EU and Western allies are trying to contain ... (full story)