The UK releases steel industry plan to counter US tariff threats

Golden Ten Data on February 17, the British Ministry of Commerce and Trade announced a steel industry development plan on the 16th local time, and publicly solicited opinions on the plan. The scheme aims to ensure that the UK steel industry can remain globally competitive and meet the challenges posed by US steel and aluminium tariffs. Under the plan, the UK government will inject £2.5 billion to support the development of the domestic steel industry and encourage the use of local steel in domestic infrastructure projects. In addition, the plan will guide steel producers to switch from highly polluting blast furnaces to electric arc furnaces, strengthen scrap recycling, drop carbon emissions, and promote green transformation. The British Iron and Steel Association has warned that US steel and aluminium tariffs will be a “devastating blow” to the UK’s steel trade with the US. The US market accounts for 10% of UK steel exports, and US steel and aluminum tariffs are expected to cost the UK tens of millions of pounds a year, according to the data.