UK introduces steel industry plan to counter US tariff threat

According to Reuters, as the U.S. imposes tariffs on steel imported into the U.S., the U.K. Department of Business and Trade released a development plan for the steel industry on Feb. 16 that will investigate issues facing the U.K. industry, such as unfair trade practices from other countries, and look at ways to attract and retain talent in the industry in Britain. Britain's business secretary has also said that he will try to persuade the U.S. government to lift tariffs on British steel and aluminum products.

2025-02-27

China's steel exports to the United States

China's direct steel exports to the U.S. in 2024 will be only 890,000 tons, accounting for 0.8% of total exports. In addition to the tariffs imposed by the U.S., there are also anti-dumping duties of different magnitudes on different steel varieties, basically blocking the channels for the vast majority of varieties to be exported to the United States.

2025-02-27

South Korean steel firms consider building plants in the U.S.

South Korea's steel industry is in a state of emergency after U.S. President Donald Trump announced a 25 percent tariff on all steel imports. Some South Korean steelmakers have said they are considering building new steel plants in the U.S. Hyundai Steel is considering a $7 billion investment in the southeastern U.S. to build a steel plant to produce automotive steel sheets.

2025-02-27

South Korea and Vietnam have successively imposed sanctions on Chinese steel products, and the impact and response analysis

On February 21, Vietnam announced that it would impose three anti-dumping duty rates of 19.38%, 26.94% and 27.83% on Chinese steel products exported to Vietnam, involving dozens of steel companies and related trading companies such as Baosteel and Ansteel, and the levy will take effect on March 8. The day before, the Trade Commission of the Ministry of Trade, Industry and Energy of South Korea launched a preliminary investigation on China's imports of "carbon steel and other alloy steel hot-rolled steel plates and thick plates", and preliminarily determined that there was dumping, and proposed to impose a temporary anti-dumping duty of 27.91% to 38.02% on China. Vietnam and South Korea are the first and second largest export destinations for my country's steel products, respectively. In 2024, their exports to them accounted for 11.5% and 7.4% of my country's total steel exports, respectively. In the short term, the imposition of anti-dumping duties will suppress my country's exports of hot-rolled related steel products and aggravate the contradiction between supply and demand in the domestic steel industry. However, in the long run, the intensification of trade sanctions will accelerate the restructuring of the global steel trade structure and force the domestic industry to upgrade. Domestic policies promote "controlling total volume and optimizing stock", accelerate the elimination of backward production capacity, promote electric arc furnace and scrap steel recycling technology, reduce dependence on iron ore imports, and respond to the international trade environment through technology upgrades, market diversification and international cooperation.

2025-02-27

The United States resumes imposing steel and aluminum tariffs on some trading partners

On the evening of February 10, Eastern Time, the US government announced that it would resume imposing 232 steel and aluminum tariffs on previously exempted trading partners, and further increase import tariffs on aluminum products. This action violates multilateral trade rules and WTO rulings and has had an impact on the global supply chain.

2025-02-27

The country injects capital to support the development of the local steel industry

On February 16, London time, the UK Department of Business and Trade announced a plan to inject 2.5 billion pounds (about 3.155 billion US dollars) to support the development of the local steel industry, encourage domestic infrastructure projects to give priority to the use of domestic steel, and promote the green transformation of steel production enterprises to cope with the challenges brought by US steel and aluminum tariffs.

2025-02-27