UK plans to extend safeguard measures on 15 categories of steel

The current measures expire in June 2024, and it is recommended to extend them for another two years

The UK’s Trade Remedies Authority (TRA) has proposed to extend safeguard measures on 15 steel products for another two years, until June 2026, amid concerns about global overcapacity. This is stated in the report of the British government.

The list of products covered by the review includes hot-rolled and cold-rolled plates, steel and organic coated plates, rebar, wire rod, bars, angles and other shapes, and welded pipes.

The review was launched in September 2023. According to the TRA’s preliminary findings, imports are likely to increase if the safeguard measures expire and the UK industry could be severely harmed again. Parties that may be affected by the current recommendations (importers or exporters of steel products, domestic producers of similar products, etc.) have until March 7, 2024, to submit their comments. After that, the agency will provide final recommendations to the Secretary of State for Business and Trade.

The current measures will expire on June 30, 2024, unless extended. If extended in accordance with the World Trade Organization rules, no other safeguard measures for these categories of steel can be introduced for the next eight years.

However, businesses will be able to apply for other trade remedies for specific categories of steel products if they believe that the UK industry is being affected or threatened by dumped/subsidized imports.

As GMK Center reported earlier, in response to Tata Steel’s plans to close its blast furnaces in Port Talbot, TRA is separately reviewing quotas for hot rolled flat products and the corresponding tariff rates. Any suspension of measures for these products or adjustments to quota allocations will be separate from the agency’s current recommendations.