Reshaping UK steel imports: the UK Steel-ISTA debate

Representatives from UK Steel and the Independent Steel Trade Association (ISTA) debated the possible repercussions of proposed steel import restrictions in the latest edition of MEPS’s Speaking of Steel podcast. ISTA president Godfrey Watt told MEPS that the Department for Business and Trade’s proposed July 1 cuts to tariff-free steel import quotas had provoked a “massive reaction” from steel traders. Meanwhile, UK Steel director general Gareth Stace described the new measures as “the biggest policy issue that I’ve come across”, adding: “I’m quite surprised that some commentators are throwing mud rather than saying what should happen so that whole steel supply chain is much more healthy in the future.” Listen to MEPS’s ‘Reshaping UK steel imports’ podcast, to hear the full debate, including: How TRQ reductions of up to 98% suggest UK steelmakers are ready to secure a record market share. The political aspect of TRQs: how EU and US trade relations could yet influence the availability of tariff-free imports. MEPS’s latest insight into UK steel buyers’ response to import quota reductions, including rising prices and a step back from new overseas orders.