The UK government will reduce tariff-free steel imports by 51% starting July 1. This measure aims to shield the domestic industry from a global surplus of low-cost Chinese steel.
Tariffs on steel imports exceeding these new quotas will double to 50% of the product's value. These regulations replace expiring rules originally inherited from the European Union.
Trade body UK Steel previously warned that British steelmakers faced an existential threat without these protections. The policy specifically aims to bolster major domestic producers like Tata Steel.
Industrial steel users expressed concerns regarding potential price increases for products unavailable from local suppliers. To mitigate this impact, the government will exempt 11 specific types of steel from the new tariffs.