Steel firms have filed a complaint with the European Commission, seeking duties to be placed on goods imported from China, Taiwan and South Korea.
The European Confederation of Iron and Steel Industries (Eurofer) says the EU market has been "inundated" by imports.
As a result EU prices have been undercut "by up to 25%" and threatened thousands of jobs, said Eurofer.
Steel from China to the EU is expected to double in 2007 from a year earlier, to 10 million tonnes, Eurofer said.
European Trade Commissioner Peter Mandelson recently expressed annoyance with China over its trade surplus, saying that it should be buying more European goods.
Speaking last week, Mr Mandelson said: "I have indicated already to steel producers that on the face of it, they have a case for opening such an investigation, but I can't say what conclusion will be reached".
Specifically Eurofer's complaint referred to cold-rolled flat product from China, South Korean and Taiwan as well as hot dipped metallic rods from China. ( BBC )