Scunthorpe's steel gets a reprieve from Trump's latest 50% tariff hike

IT COMES AS FIRM TRIALS GREENER PELLETS IN IRONMAKING PROCESS

- By IVAN MORRIS POXTON [e-mail] @MoPo97

THE UK steel industry has been spared from US President Trump's latest tariff hike.

On Wednesday, June 4, a 50 per cent tariff, or tax, came into force for steel and aluminium imports into the US - an increase on a 25 per cent rate that has existed since mid-March.

Because of the UK-US deal announced on May 8, the UK has been spared for now.

In the UK-US deal, it was agreed the UK would become fully exempt from the steel and aluminium tariffs. But this is still to take effect, which led to steel industry worry it would face the hike to 50 per cent anyway.

Instead, the 25 per cent rate continues for the UK. On or after July 9, the US will likely finalise the agreement to replace tariffs with tariff-free quotas, or choose to push tariffs up to 50 per cent for the UK.

It comes as British Steel has trialled greener pellets in its ironmaking process. These were successfully tested in the Queen Bess blast furnace at Scunthorpe, the company has announced.