Steel Crisis in EU Fuelled by Tariff Imposition on Imports by Chinese Government and Dumping of Steel by Chinese Firms

The Chinese government has slapped anti-dumping tariffs of 14.4% to 46.3% on high-tech steel imported from companies from the European Union, South Korea, and Japan, claiming that China has suffered “substantial damage” from trade abuses. This type of steel is made by just 16 producers worldwide including Tata Steel’s Cogent subsidiary in Newport. This has caused a lot of unrest and anger amongst steelworkers and unions in UK. Steel firms say one of the key reasons for the UK industry’s woes is that state-subsidised firms in China are “dumping” their product on the European market, due to flagging domestic demand. China’s decision comes after the European Union imposed tariffs of up to 13%, earlier this year, on steel from the country used to reinforce concrete. This has raised the pressure on Britain to protect the country’s steel manufacturing amid fears that 40,000 jobs could be lost as Tata Steel looks to sell off its UK business. Tata is pulling out of Britain in order to smoothen a merger with German engineering conglomerate, Thyssenkrupp.

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