Monday, April 22, 2024

Proposal would see UK steel industry jobs protected from imports for two more years

The Trade Remedies Authority has proposed that the UK’s steel safeguard measure,  protecting the country’s steel industry from surges in imports, be extended for a further two years.

The current measure, which covers 15 categories of steel would expire at the end of June if it was not extended. If the measure is extended this year, it must end by 30 June 2026. Under World Trade Organisation rules another safeguard measure for these product categories of steel could then not be put in place for another eight years.

TRA Chief Executive Oliver Griffiths said: “Our interim findings are that the steel safeguard measure should be extended for a final two years to June 2026, after which point they would fall away. This would cover all steel categories currently covered.
Five UK producers engaged with the TRA during its investigation, covering all product categories in the review.”

Sales of these products account for around 84% of these producers’ £5bn turnover. The producers also employ on average 15,000 staff in the UK and contribute a total of £595m to the UK economy.

Businesses would be able to apply for other trade remedy measures on specific categories of steel products if they felt that the UK industry was being injured by, or was at threat of, dumped or subsidised imports. Interested parties can contact the TRA’s pre-application office to discuss applying for a new anti-dumping or countervailing measure.

The TRA began an extension review of the safeguard measure in September last year. In conducting its review, the TRA found that imports would be likely to increase if the safeguard measure were to expire. The review also found that it is likely that serious injury would recur to UK producers across all 15 categories of steel if the safeguard measure were to be removed. These conclusions are based on the data provided to the TRA, the overcapacity in the global steel market, the risk of steel being diverted to the UK due to measures in other major markets and the attractiveness of the UK steel market.

 

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