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Brexit hens coming home to roost.

UK steel industry warns of ‘biggest crisis’ due to new EU tariffs

European Commission set to propose a levy of 50% on steel imports

The UK steel industry is facing its “biggest crisis” in history, the sector’s trade body has warned, as the EU prepares to impose steep tariffs that could be more devastating than those levied by the US.

The European Commission intends to propose tariffs of 50 per cent on steel imports worldwide above a quota set at 2013 levels on Tuesday, according to a document obtained by the Financial Times.

The move threatens to inflict disproportionate damage on the UK steel industry, from which 80 per cent of exports go to Europe. Steel imports squeezed out of the EU could also flood the UK.

Gareth Stace, director-general of industry lobby group UK Steel, warned that the new tariffs “could be terminal for many of our remaining steel companies”, urging ministers to “recognise the urgent need to put in place its own measures to defend against a flood of imports”.

“This is perhaps the biggest crisis the UK steel industry has ever faced. Government must go all out to leverage our trading relationship with the European Union to secure UK country quotas or potentially face disaster,” he said.

https://archive.ph/oEY14