Through decades of hard work, China's fastener industry has gradually grown and grown. It has now developed into a leading producer of fasteners in the world and a major exporter of fasteners. Its exported products are widely welcomed in various countries and regions around the world. We have established deep friendship through friendly exchanges and interactive exchanges with our peers from various countries around the world. We are deeply honored to make contributions to the Chinese fastener industry, and we are proud to have achieved world-renowned results in Chinese fasteners!
In recent times, the global economic situation has become increasingly complex, and the impact of the international financial crisis has been significant. Some countries' trade protection and tariff barriers are constantly rising. As a major exporter of fasteners, we have been repeatedly hit by anti-dumping measures in international trade. Especially from January 30, 2019, after the final anti-dumping ruling of the European Union, up to 85% of anti-dumping duties were imposed on China's steel fastener products. Since then, China's market share in the European fastener market has significantly decreased from 26% to 0.5%, causing significant setbacks for China's fastener enterprises.
Due to the unfair and impartial handling of this case, our industry, with the strong support and assistance of the Ministry of Commerce, the China Council for the Promotion of International Trade, and the China Chamber of Commerce for Mechanical and Electrical Products, fought with reason and with restraint. Finally, on January 18, 2019, the World Trade Organization announced the report of the Appellate Body in the dispute over China's complaint against the EU's final anti-dumping measures on steel fasteners.
The Appellate Body for the Implementation of the WTO Fastener Anti Dumping Measures Dispute has fully supported China's position and claims, and once again ruled that the anti-dumping measures maintained by the European side against Chinese products to this day violate WTO rules. This forced the EU to announce the lifting of its anti-dumping measures against China on February 27, 2019. At this point, it has been a long-awaited victory for our fastener industry.