Speaking at the G7 summit in Germany, Boris Johnson, the prime minister of the UK, stated that the UK safeguard measures on steel may be extended to protect the domestic market from cheap steel imports from foreign countries, according to media reports. The UK safeguard measures on 10 steel product categories have already been extended to 2024, while the measures for five product categories, including tin mill products, non-alloy and other alloy quarto plates, merchant bars and light sections, non-alloy and other alloy wire rod, angles, shapes and sections of iron or non-alloy steel, will expire on June 30, as SteelOrbis previously reported.
The safeguard measures, which are said to break the World Trade Organization’s rules if they are extended, are in line with the measures of other European countries, Mr. Johnson said. The UK’s steel producers are already under pressure from rising energy prices amid the war between Russia and Ukraine, and need to be provided with cheaper energy.
The UK government has proposed to extend the safeguard measures on five categories of steel for a further two years from July 1, 2022 until June 30, 2024, in light of the findings of the UK Trade Remedies Authority, claiming imports would likely increase significantly for all product groups if safeguard measures including tariff-rate quotas were revoked, as SteelOrbis previously reported.
