The British Department of Business and Trade announced a steel industry development plan on the 16th, and the plan is open to consultation. The plan aims to ensure that the UK steel industry can remain globally competitive and meet the challenges posed by the US steel and aluminium tariffs.
According to this plan, the British government will inject 2.5 billion pounds to support the development of the local steel industry and encourage domestic infrastructure projects to prioritize the use of local steel. In addition, the plan will also guide steel producers from high-polluting blast furnaces to electric arc furnaces, strengthen scrap recycling, reduce carbon emissions and promote green transformation.
Business Secretary Jonathan Reynolds said: "Steel manufacturing in the UK not only creates a lot of jobs, but also drives product innovation and foreign trade, and strengthens the UK's manufacturing base. It is estimated that the offshore wind industry alone will consume 25 million tonnes of steel by 2050, and this demand will create a market space of £21 billion for UK steel companies.
US President Donald Trump signed a document on the 10th, announcing a 25% tariff on all US steel and aluminum imports. In response, Reynolds told the British media that Britain can provide the United States with "very specialized" steel and aluminum products. The new tariffs will increase costs for American taxpayers and weaken the trade relationship between the two countries.
The British Iron and Steel Association warned that the US steel and aluminum tariffs would deal a "devastating blow" to the UK's steel trade with the United States. Data show that 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. In addition, a large amount of steel that cannot reach the US market could flood the UK market and drive down prices, hitting local steelmakers
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