Britain's two main steelmakers, Tata Steel and British Steel, have reported a significant decline in orders from American customers due to President Trump's 25% tariffs on British steel and aluminium exports. Industry leaders warned that these tariffs have led to a customer exodus towards alternative suppliers. The surge of British steel flooding the global market, driven by cancelled US orders, could exacerbate profit margins for domestic manufacturers. Consequently, the ramifications of tariff-induced shifts in buyer preferences are anticipated to have lasting effects on Britain's steel industry in the coming months.
"They are saying they want to cancel orders and in some cases are asking for compensation on potential orders," Nair said. "US customers are going to other suppliers to make sure they do not get caught in this tariff warfare."
"Where there are other domestic producers, we have exited that business immediately. Other customers are worried about the impact of tariffs," Bell said.
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