UK Extends Steel Safeguard Measures

On 27 June 2024, the Department of Business & Trade (DBT) announced that the safeguard measures on 15 categories of steel product will be extended for a further two years. The new measures will come into effect 1 July 2024 until 30 June 2026. Safeguards are a type of trade remedies measure intended to address unexpected surges in imports that are damaging or threatening to damage domestic producers. Safeguards can take various forms but the most common is a tariff-free quota – this allows the continuation of tariff-free imports at the same level or higher as the period before the safeguard was introduced. Only if imports go above this level is a tariff applied to further imports.

It is reported that the decision to extend the safeguard measures is vital to the UK steel industry at a time of rising global steelmaking overcapacity and trade deflection from other protected markets. Under World Trade Organization (WTO) rules the measure cannot be extended beyond June 2026. In addition, the DBT also decided to extend the duty suspension for Ukrainian steel to 20 June 2026 which means that imports of Ukrainian steel will not be subject to the additional safeguard quotas and duty.

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