Published by Global Banking & Finance Review®
Posted on February 15, 2025
2 min readLast updated: March 1, 2026
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UK accelerates steel industry consultation in response to US tariffs, addressing energy costs and trade practices. A £2.5 billion investment strategy is planned.
LONDON (Reuters) -Britain published a major consultation for its steel industry on Sunday, weeks ahead of schedule due to President Donald Trump's announcement of fresh tariffs on all steel imports into the United States.
The "Plan for Steel" will look into issues facing the UK industry, such as high energy costs and "unfair trading practices" from other countries, the Department for Business and Trade said in a statement.
The Labour government previously said it wanted to invest 2.5 billion pounds ($3.15 billion) in the steel industry and it would publish a strategy on its plans to boost the sector in the spring.
"The UK steel industry has a long-term future under this government. We said that during the election, and we are delivering on it now," business and trade secretary Jonathan Reynolds said in the statement.
Last week, Reynolds said that Britain would seek to persuade the U.S. government that its steel and aluminium products should avoid tariffs due to the sensitive role they play in the U.S. defence sector and its manufacturing supply chains.
Trump said on Sunday he would introduce new 25% tariffs on all steel and aluminium imports into the U.S., on top of existing metals duties. He said earlier in February, when talking about tariffs in general, that he thought something could be "worked out" with Britain.
Reynolds told broadcasters on Sunday that he had been building relationships with officials in the Trump administration, who he said viewed Britain in a "different light" to other countries that have been the target for tariffs.
Britain and the United States trade hundreds of billions of dollars' worth of goods and services annually. Industry body UK Steel warned the tariffs could be "devastating" as the U.S. is the second largest export market for UK steel, worth over 400 million pounds a year.
($1 = 0.7946 pounds)
(Reporting by Catarina Demony and Andy BruceEditing by Alistair Bell and Clelia Oziel)
The article discusses the UK's response to US tariffs on steel imports, including a consultation to address industry challenges.
The UK government is accelerating a consultation and planning a £2.5 billion investment in the steel industry.
The US is the second largest export market for UK steel, valued at over £400 million annually.
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