UK to double steel tariffs to 50% to save plants from collapse

"This is a very strident set of protections for British steel production to equal out the unfair competitive behaviour elsewhere that doesn't create a level playing field for British steel. The new strategy would align with investment for the transition to green steel, but also investments in other areas that make sure our domestic production matches the best in the world."

"From July, quotas on imports of many overseas steel products will be slashed by 60%, and duties outside those quotas will be raised to 50%. A target of 50% of steel used in the UK will be made domestically, and 50% of that is to be made in Wales."

"The latest steel strategy is an attempt to protect what remains of the UK's steel industry after decades of contraction. The last Port Talbot blast furnace closed in 2024, after Tata was given a 500m rescue package to transition to electric arc furnaces, at a loss of 2,800 jobs."

The UK government implements a £2.5 billion steel strategy to protect its domestic industry from foreign competition and collapse. Tariffs on imported steel will double to 50% from July, with import quotas slashed by 60%. The strategy targets 50% of UK steel consumption from domestic production, with 50% of that from Wales. This aims to increase domestic production by 30% and aligns with green steel investment. The measures respond to Chinese steel oversupply and match recent protections by the US, EU, and Canada. The strategy follows Tata Steel's warning of imminent closure at Port Talbot, where the last blast furnace closed in 2024 after a £500 million rescue package for transition to electric arc furnaces.

Read at www.theguardian.com