There appears to be little prospect – assuming there isn’t yet another delay – for the EU and U.S. to reach an agreement to exempt the former from the latter’s section 232 steel duties. While EU Commissioner Malmstrom expects the U.S. to “impose some sort of cap” as opposed to duties, the EU remains committed to retaliatory duties from June 20. Further meetings at the OECD this week provide a forum for further talks. In the meantime EU steel and aluminum manufacturers have increased their seaborne shipments to the U.S. by 3% so far in May vs. a month earlier after an...