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UK Steel: Rejection to extend steel safeguard measures may impact domestic steel industry

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Update time : 2021-06-30 18:13:39
According to the representative of UK Steel, a trade association for the UK steel industry, said that the UK government's rejection to extend steel safeguard measures was not good for the domestic steel industries. This decision will cause steel industries to lose around £ 100 million, 2,500 employment will be threatened, and UK manufacturers' market share and profit capacity will decrease due to the increased import volume.

As the UK Trade Remedies Authority (TRA) previously decided to eliminate the steel safeguard measure for 9 of the 19 product categories, coupled with the EU's extension of safeguard measures by three years, numerous steel products might be transferred to the UK.

Some market participants indicated that the government has the right to interfere in this situation and make the appropriate decision for the industry; otherwise, the domestic industries will confront export barriers in the unfair trade environment.
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