With the EU's removal of steel tariffs, British producers will earn millions of pounds more in revenue each year. This decision is seen as a direct benefit of the EU agreement signed by the Prime Minister in May. Steel companies in the UK will be able to export products used in large construction projects, such as support beams, to the EU duty-free. This will support the country's economic growth targets and strengthen the Government's Industrial Transformation Plan.
The decision was made following the takeover of British Steel and the saving of thousands of jobs. The government is continuing its support for the steel sector through measures such as Tata's GBP 500 million investment in green steel transformation and the tariff reduction agreement with the US.
The UK steel sector directly employs approximately 40,000 people and indirectly employs 61,000 people through the supply chain. The reintroduction of the quota system will facilitate the UK's steel exports to the EU, worth millions of pounds annually, thereby strengthening the sector's revenue streams.
Trade and Industry Minister Jonathan Reynolds described the move as “an important step forward for the UK steel sector.” Reynolds emphasized that the quota system provides producers with certainty to compete, grow, and maintain export relationships.
EU Relations Minister Nick Thomas-Symonds stated, “As a result of constructive work with the EU in line with our national interests, the removal of customs duties on British Steel is a significant achievement.”
UK Steel CEO Gareth Stace described the reintroduction of the country-specific quota as “excellent news” for British steel companies facing challenges in the EU market. British Steel Interim Commercial Director Lisa Coulson noted that the EU market is critical for British producers and that duty-free trade significantly contributes to their operations.
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