The five products on which the UK will extend safeguard measures for one year using emergency legislation are tin mill products, quarto plate, merchant bar, sections and wire rod.
Specifically, these are non-alloy and other alloy quarto plate, non-alloy and other alloy merchant bar and light sections, non-alloy and other alloy wire rod, and finally angles, shapes and sections of iron or non-alloy steel.
UK trade secretary Liz Truss said on Wednesday the government is making new regulations by extending safeguards on another five of the 19 steel products for one year by public notice (see Kallaish passim). In June the TRA proposed to extend safeguard measures on ten products for a further three years beyond 30 June, with nine slated to be revoked. Truss had to vote on whether to accept the TRA’s recommendation or to reject it, but could not amend it, according to current legislation.
UK Steel has praised the move. Its director general, Gareth Stace, says the government “demonstrated its commitment to the steel sector, by bringing forward emergency measures to ensure free and fair trade is maintained. The Government’s interventions will prevent an anticipated wave of overseas steel flooding our market, that would have cost jobs, investment, and our ability to decarbonise as a sector, threatening the UK’s road to net-zero”.
“The steel sector still faces challenges; crippling electricity costs and a difficult procurement environment and will continue to work with government to address these, but without the action taken by Government today, the sector would have faced a potentially existential threat,” Stace continues.
“It is vital we now work with partners like the EU, and the US to address the underlying issues that are destabilising global steel markets,” he adds. “Safeguards are not a long-term solution, and the ultimate goal here is global market for steel where we all play by the same rules.”
Adam Smith Germany