UK Steel Industry Fights for Survival as EU Plans Tariff Hike
The UK's steel sector is grappling with its most significant crisis to date, sparked by the EU's plans to double tariffs on steel imports from Asia. The UK exported a substantial 1.9 million tonnes of steel to the EU in 2021, accounting for 78% of all UK steel exports. In response, the UK government has taken control of British Steel and is actively seeking clarification and stronger trade measures to safeguard UK producers.
The UK Secretary of State for Business and Trade is spearheading efforts to defend the UK steel industry against cheap Asian imports, following the EU Commission's proposal to double steel import tariffs and reduce duty-free import quotas. The EU's restrictions could redirect millions of tonnes of cheaply produced Asian steel towards the UK, posing a severe threat to its steel companies. UK Steel has warned that the EU tariffs pose an existential threat to the UK steel industry, which has a history spanning over 200 years. The UK government must secure UK country quotas to avert disaster.
The UK steel industry is also contending with additional pressures from cheap Asian imports due to US tariffs and soaring energy prices. The EU aims to double tariffs on all steel imports from Asia and halve tariff-free import quotas to bolster its steelmaking capacity. Gareth Stace, director-general of UK Steel, has described the current situation as the biggest crisis the UK steel industry has ever faced.
The UK government is engaged in urgent discussions with the EU to mitigate the impact of these measures on the UK steel industry. The outcome of these negotiations will be critical in determining the future of the UK's steel sector and the thousands of jobs it supports.
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