The Tata steelworks in Port Talbot, Britain, 16 October 2023. A GBP500 (EUR577) million government support package was announced in September 2023 to help secure the future of the Port Talbot steelworks, with Tata Steel investing over GBP700 (EUR808) million. The deal is expected to result in up to 3,000 job losses as the company transitions from coal-powered blastfurnaces to less labour intensive electric arc furnaces in a bid to reduce costs and decarbonise the production process. Tata employ around 8,000 people in the UK, of which 4,000 are based at Port Talbot. EPA/ADAM VAUGHAN Citing two people familiar with an announcement expected on Thursday, the report said the government is expected to slash quotas on imports of many products from overseas while raising duties outside those caps to 50%.
The move, if announced, would bring Britain broadly into line with the European Union and the United States.
A British government spokesperson said it would publish its steel strategy "shortly", and that it had been "crystal clear" in its commitment to a sustainable future for steelmaking and steel jobs in the country.
The sector, which supported 37,000 jobs and accounted for 0.1% of total UK economic output in 2024, has been battling high energy costs and stiff competition from cheaper global imports, particularly from China.
Those pressures have led to financial troubles at two of the country's biggest steelmakers. Tata Steel has already closed two blast furnaces at Port Talbot, while the government had to seize control of British Steel to prevent the shutdown of its Scunthorpe plant under its Chinese owner Jingye.
(Reporting by Muvija MEditing by Tomasz Janowski)