The British Trade Remedies Authority (TRA) recently proposed extending safeguard measures for 15 categories of steel products for an additional two years, until June 2026. This initiative aims to protect the British steel industry from the adverse effects of a sudden increase in imports. The final decision has been submitted to the Secretary of State for Business and Trade, who will soon assess and publish the TRA’s conclusions.
Currently, the safeguard measures are in effect until June 30, 2024, and without an extension, they would expire. According to World Trade Organization rules, any extension would impose an eight-year moratorium on introducing other safeguard measures for these steel categories.
The review process, which began in September 2023, revealed the risk of a significant increase in imports once the current measures expire, threatening the stability of the British steel industry. In February, the TRA issued a statement of intent for this decision, and stakeholders had the opportunity to express their views until March 7.
It is important to note that this recommendation is not related to the separate review of hot-rolled flat products, initiated in response to Tata Steel’s intent to shut down the blast furnaces at Port Talbot. The separate review of quotas for hot-rolled flat products and tariff rate adjustments will proceed independently of the current recommendation.
Additionally, in 2023, steel production in the UK decreased by 6.5% compared to the previous year, totaling 5.6 million tonnes. This continues the downward trend observed in 2022 when production fell by 15.6%, from 7.4 million tonnes in 2021. This decline places the UK 26th in the global ranking of steel producers, according to WorldSteel data.