Nov 04, 2020
Metal recyclers’ relief over EU tariffs
2020-11-17
The UK steel industry could have been “paralysed” without the long-awaited tariff rate quota allocations for UK steel exports to the EU from 1 January 2021, now published by the European Commission.
The claim came from the British Metal Recycling Association, which in a statement said: “Given the metal recycling industry is an important part of the steel supply chain, we welcome the news that UK steel companies will not face crippling tariffs when exporting to the EU.
“The UK steel industry already faces challenges that its counterparts in other European countries do not, so tariffs of 25% could have paralysed the sector and, by default, impacted the metals recycling industry.”
Trade body UK Steel said that, without the Commission’s allocation, companies could have faced an £80m bill from EU steel safeguard tariffs in the first half of next year.
Director general Gareth Stace said: “At last we have good news for the UK steel sector. Receiving the formal notice from the Commission of tariff rate quotas helps all steel companies in the UK to give their European customers a greater level of certainty that deals done today, for delivery in 2021, will not automatically be subjected to a crippling 25% tariff, resulting out of the EU steel safeguards, which will remain in place until July 2021.”
Source: MRW
