UK extends safeguard measures on 15 categories of steel

The UK Secretary of State for Business and Trade has decided to extend safeguard measures on 15 categories of steel for another two years, until June 2026. This is stated in a statement on the British government’s website.

The decision was made following the spring recommendations of the UK Trade Remedies Authority (TRA).

In addition, the suspension of safeguard measures against Ukraine has been maintained until June 2026.

The decisions will come into force on July 1, 2024. On June 30, the government will publish a public notice.

Gareth Stace, CEO of the UK Steel industry association, welcomed the decision, calling it vital for the sector at a time of growing overcapacity in steel production and trade diversion from other protected markets. He also noted that the trade challenges faced by the country’s steelmakers will continue beyond 2026.

The government has not yet approved another TRA recommendation to suspend and review the tariff rate quota (TRQ) on hot rolled coils, Argus Media reports. It relates to Tata Steel’s intention to close two blast furnaces in Port Talbot as part of the transition to EAF. This will require more imports to meet demand in the UK market.

As GMK Center reported earlier, the EU has officially extended its safeguard measures on steel imports for another two years, until June 2026. EUROFER has called for further efforts to combat overcapacity, while the Italian industry association Assofermet sees risks for the market.