US EditionUK Government Launches Steel Strategy to Boost Domestic Production to 50 Percent
The UK plans up to £2.5 billion investment and a 50% tariff on imports above quotas to protect steel jobs and national security, boosting local production from 30% to 50%.
- On Thursday, Business and Trade Secretary Peter Kyle announced the UK Steel Strategy aiming for up to 50% of steel used in the UK to be made domestically, during a visit to Tata Steel's Port Talbot plant.
- Industry pressures from high energy prices and global overcapacity prompted the UK Government intervention, responding to risks of losing steel capability and reliance on overseas suppliers for national security and critical infrastructure.
- Trade measures centre on steep quota cuts and a 50% tariff on excess imports, with overall imported steel quotas reduced by 60% from July and the MFN tariff at WTO raised to 50%.
- The strategy backs electric arc furnaces and will provide up to 2.5 billion from the National Wealth Fund to support UK steel producers and thousands of steelworkers, as Mr Kyle said, 'Making steel in the UK is vital for national security, critical infrastructure and the wider economy.'
- The government left the 50% target without a set timetable while outlining quarterly quota rollover and a 12-month review, with transitional carve-outs for pre-14 March contracts.
29 Articles
29 Articles
UK Pushes for 50% Steel Tariffs, Concerns Over Contraction in Korean Steel Exports; Cuts Duty-Free Quotas by 60% and Doubles Tariffs. The British government has decided to raise tariffs on imported foreign steel to 50%, the same level as the United States, and reduce the duty-free quota by 60%. The British government [planned] a new steel tariff plan containing these details.
U.K. Bets on Tariffs to Rebuild Its Steel Industry
The UK government has reduced steel import quotas and raised tariffs to 50 per cent outside unit limits as part of a strategy to save the industry, an “bold” move that is likely to draw criticism from economists and opposition groups. Quotas for imports free from the higher tariffs will be reduced by 60 per cent from July. The government has set a target for domestic production to support half of steel demand in the UK. “Making steel in the UK …
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