British steel manufacturers must be affected by another series of prices, even higher and more impactful than those collected by the United States, representing “an existential threat” for industry.
The European Union (EU) increases the steel tax it is important, the price being 50%, double the 25% currently deducted by the Trump administration in the United States and the current EU rate.
Money blog: massive offer of Switch Bank Switch £ – But there is a salary grip
This decision is an “existential threat”, according to the deputy secretary general of the Community Union, Alasdair McDiarmid.
“Europe is by far the largest destination for exports in British steel, and losing access to this market would have a catastrophic impact on British jobs,” he said.
UK Steel, the steel industry organization, described it as “perhaps the greatest crisis that the steel industry in the United Kingdom has been confronted” and called on the government to “secure the quotas of British countries”.
Please use Chrome Browser for a more accessible video player
Future of Scunthorpe ovens?
The establishment of a quota of British countries could mean that some steel are exchanged with lower or not tariffs.
If this is not organized, the industry “potentially confronted with a disaster,” said Gareth Stace, Managing Director of UK Steel.
Why does the EU do it?
The EU erects the commercial barrier to avoid an influx of steel imports flooding its market following the increase in the United States prices and to avoid making the EU less competitive for national producers.
The EU Commissioner for Prosperity and Industrial Strategy, Stéphane Sejourne, said that the EU also reduced the amount of steel imported from abroad to “save our European factories and jobs”.
Similar measures have been requested by UK Steel.
“The British government must now recognize the urgent need to set up its own measures to defend itself against a flood of imports,” said Mr. Stace.
“The probability that EU measures redirect millions of tonnes of steel to the United Kingdom could be terminal for many of our remaining steel companies.”
The detail of the moment when politics has taken effect has not yet been announced.
Responding to the news, Minister of Industry Chris McDonald said,
“We will always defend our critical steel industry, which is why we push the European Commission for an urgent clarification of the impact of this decision on the United Kingdom.”
“It is essential that we protect trade flows between the United Kingdom and the EU and we will work with our closest allies to meet the global challenges rather than adding to the misfortunes of our industries.”
Asked about the subject, Prime Minister Keir Starmer said: “Our position concerning our steel industry is solid support.”
He added: “Regarding the question of prices or other measures, as you can imagine, we are in discussion with the EU on this subject, because we are in discussion with the United States on this subject. I will therefore be able to tell you more in due time.”