The European Union is set to tighten steel import quotas to reduce inflows by an additional 15% beginning next month to prevent cheap steel from flooding its market, Reuters reported Wednesday, citing European Commission executive vice-president Stephane Sejourne.

Sejourne told Reuters the EU hopes to salvage its own steel industry from cheap imports from Canada, India, and China, at a time when the US is flouting free trade agreements.

"During a period when nobody is respecting WTO rules and everyone refers to national security...the EU can't be the only continent that lets its industry fall apart," Sejourne told Reuters.