Plans to protect UK steel industry amid threat of tariffs
The government has announced plans to protect the UK's steel industry in a bid to secure its long-term future, as it faces the impact of potential tariffs
The Plan for Steel will include measures that seek to bring down the cost of production and encourage the use of domestic steel in infrastructure projects.It also hopes to protect UK steel from "unfair trading practices abroad", including being undercut by cheaper suppliers.
The announcement comes days after US President Donald Trump said he would impose a 25% tariff on all steel imports from 12 March - something the UK sector fears would cost it millions in trade.Business Secretary Jonathan Reynolds launched a consultation on the government's Plan for Steel to look at long-term issues facing the industry, after ministers committed to providing up to £2.5bn in support.
While the consultation does not directly address the threat tariffs may pose to the sector, Reynolds said the financial support for the steel industry was "to protect our industrial heartlands, maintain jobs, and drive growth".Shadow business secretary Andrew Griffith said the "uncertainty" the steel industry faced due to US tariffs was something the government "has been entirely silent on when instead they should be talking to the US, our closest trading partner".
The Plan for Steel will address issues that have been "holding the industry back for too long", the Department for Business and Trade (DBT) said.
