UK government to extend steel quotas and tariffs

The UK may extend by two years a package of tariffs and quotas on five steel products to protect the domestic steel industry.

A year earlier, the UK applied new rules to protect domestic producers.

It was thought that the lifting of steel safeguards would lead to more imports, which could seriously hurt British steelmakers.

Also, the UK retained the quotas and tariffs inherited from the EU for ten categories of steel for three years. However, for five steel products, the guarantees were extended on a temporary basis for a period of one year.

Therefore, the UK believes that they should be kept for another two years in anticipation of a global steel surplus for the foreseeable future.