Overview

• US customers are canceling orders with UK steel producers due to the newly imposed 25% tariffs on steel and aluminum imports.
• Tata Steel UK estimates $100 million in sales to the US are at risk, while British Steel reports losing business where US domestic suppliers are available.
• UK steel leaders are calling for domestic safeguards to prevent market flooding by cheaper steel displaced from the US market.
• The UK government has refrained from immediate retaliatory tariffs, unlike the EU, which plans counter-measures starting April 1.
• High energy costs, which are 50% higher than those in France and Germany, continue to undermine the competitiveness of the UK steel industry.