Brazil says is confident U.S. steel quota to be lifted in time

BRASILIA/RIO DE JANEIRO (Reuters) - Brazil believes steel import quotas recently imposed upon the nation by the United States will be lifted as market conditions improve, the foreign ministry said in a statement on Saturday.

Late on Friday, the White House announced that it was re-imposing import quotas on certain Brazilian steel products, as domestic producers deal with a slumping market.

In Brazil’s Saturday statement, the foreign ministry acknowledged the decision, adding that dialogue over the matter would resume in December.

“The Brazilian government maintains a strong belief that the recovery of the U.S. steel sector, frank and constructive dialogue regarding the matter - to be taken back up in December - and the exceptional quality of bilateral relations will allow the full re-establishment and even intensification of trade in semi-finished steel,” the ministry said.

Reporting by Lisandra Paraguassu in Brasilia and Gram Slattery in Rio de Janeiro; Editing by Daniel Wallis