The UK Trade Remedies Authority has announced preliminary findings, proposing to extend the period of protection measures for 15 steel products in the UK for a further two years until June 2026, aimed at protecting the UK steel industry from a surge in imports.
The protection measures, which cover 15 types of steel products in the UK, will expire on June 30, 2024. In September 2023, the British Trade Remedy Office began to delay the investigation of this safeguard measure, including hot and cold rolled plate, color coated plate, steel bar, wire, bar and other steel products. At the time of its investigation, the UK Trade Remedies found that if the safeguards expired, it could "lead to a surge in imports". If safeguards are removed, British producers are likely to be "seriously harmed" again.
Parties that may be affected by the preliminary findings of the extended investigation (such as importers, exporters or producers of similar products in the UK) have responded by 7 March 2024. The UK Trade Remedies Office will then submit its final recommendations to the relevant authorities, who will make a decision based on the UK Trade Remedies analysis. In addition, companies that determine that UK industries may be threatened by dumping or subsidised imports can apply for other trade remedy measures against specific categories of steel products.
Five UK steel companies took part in the UK Trade Remedies investigation, which looked at all of the above product categories. Sales of these products account for about 84 percent of the total operating income of the five steel companies.
Scholars said the UK's decision to extend the safeguard period disrupted the international trade order.