Nicosia, Cyprus. The Cyprus Presidency of the Council of the EU and the European Parliament reached a provisional agreement on a regulation to address the impact of global steel overcapacity on the European market. Separately, Cyprus retail representatives reported satisfactory Easter trading, and the Deputy Ministry of Shipping announced a new Royal Caribbean Group ship registration under the Cyprus flag.
Provisional EU agreement on steel safeguards
The agreement, finalised late on Monday, introduces an updated framework designed to protect the EU steel sector from trade diversion and excess supply, while ensuring compliance with international trade obligations and maintaining flexibility for businesses, including downstream industries.
The new regulation will replace existing safeguard measures set to expire on June 30, 2026, ensuring continuity and avoiding regulatory gaps.
According to the European Commission, the initiative responds to projections that global steel overcapacity will reach 721 million tonnes by 2027, representing more than five times the EU’s annual consumption.
Easter retail market described as satisfactory
Cyprus’ Easter retail market held up at satisfactory levels, without major problems, despite concerns linked to the war in the Middle East and foot-and-mouth disease, according to retail trade association Pasyle.
Speaking to the Cyprus News Agency (CNA), Pasyle’s secretary general Marios Antoniou said that “the sector had faced different conditions this year compared with previous Easter periods, although retail had already weathered a series of crises in recent years.”
He added the supply chain had not been disrupted and there had been no shortages in the market.
“Despite all the concern, at least so far, the supply chain was not disrupted. There was an abundance of products in the market, we did not have any shortages,” he stated.
Royal Caribbean Group ship registered under Cyprus flag
Cyprus has further strengthened its ties with Royal Caribbean Group after the cruise ship ‘Navigator of the Seas’ was registered under the Cyprus flag, the Deputy Ministry of Shipping said this week.
The 140,000-tonne vessel is the second ship from the group to join the Cyprus registry, following the registration of ‘Spectrum of the Seas’ in January 2023.
What changes do you expect the new EU steel regulation to bring to the European market?
