U.S. to Lift Ban on Steel Imports From W. Europe

The United States took steps Thursday to lift a week-old ban on imports of steel from Western Europe’s Common Market, U.S. Trade Representative Clayton Yeutter said.

U.S. trade officials decided to end the restrictions after learning that Britain will go along with the other members of the Common Market on an import pact with the United States that extends through September, 1989. The agreement, reached Nov. 1, had been hailed by Yeutter as a major step in President Reagan’s five-year program to provide domestic steelmakers breathing room from foreign competition by reducing imports.

The pact bars the Common Market from capturing more than 5.5% of the U.S. steel market. According to its own figures, the Europeans held 7.3% of the market through the first nine months of 1985.

But the accord was placed on hold last week because Britain objected. According to European officials, the reservation centered on the nation’s requesting assurances that it could ship about 300,000 tons of steel to an American plant in which it has an interest. The United States responded by halting most Common Market steel imports until the matter was resolved.

After what Yeutter described as “compromises on both sides,” Britain finally expressed satisfaction with the accord.