The current measures expire in June 2024, and their extension is recommended for another two years
The UK's Trade Remedies Authority (TRA) has proposed extending safeguard measures on 15 steel products for a further two years, until June 2026, amid concerns about global overcapacity. This is stated in the British government report .
The list of products covered by the review includes hot and cold rolled sheets, steel and organic coated sheets, rebar, wire rod, bars, angles and other shapes, and welded tubes.
The review was launched in September 2023. According to the TRA's preliminary findings, imports could increase if safeguard measures expire and UK industry could be seriously harmed again. Parties that may be affected by the current recommendations (importers or exporters of steel products, national producers of similar products, etc.) have until March 7, 2024 to submit their comments. After that, the agency will provide final recommendations to the Secretary of State for Business and Commerce.
The current measures will expire on June 30, 2024, unless extended. If extended in accordance with World Trade Organization rules, no further safeguard measures for these steel grades can be introduced during the next eight years.
However, companies may request other commercial remedies for specific categories of steel products if they believe that the UK industry is being affected or threatened by dumped/subsidised imports.
As Compraço previously reported, in response to Tata Steel's plans to close its blast furnaces in Port Talbot, the TRA is separately reviewing the quotas for hot-rolled flat products and the corresponding tariff rates. Any suspension of measures for these products or adjustments to quota allocations will be independent of the agency's current recommendations.
