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The British Steel works is seen in Scunthorpe, northern England in this file picture taken on May 21, 2019. — Reuters pic

Thursday, 23 Jun 2022 7:39 PM MYT

LONDON, June 23 — Britain proposed today to extend for a further two years a package of tariffs and quotas on five steel products to protect domestic steelmakers.

A year ago, Britain introduced new regulations to protect its steel industry, which employs nearly 34,000 people and generates about US$2 billion (RM8.8 billion) in turnover each year.

“Removal of the steel safeguard measure would likely result in an increase in imports and therefore would result in serious injury or the threat of serious injury to UK steel producers,” a statement said.

Britain last year retained quotas and tariffs it inherited from the European Union on 10 categories of steel for three years. But on five products, the safeguards were extended on a temporary basis for one year.

Those are now due to be retained for two more years, partly due to expectation of global oversupply for steel products “for the foreseeable future”, the statement added.

The EU introduced quotas in 2019 when Britain was still in the bloc to guard against steel shipments normally destined for the United States being redirected to Europe after US President Donald Trump imposed 25 per cent tariffs. — Reuters