UK extends suspension of safeguard duties on Ukrainian mill products for another year
The UK Trade Remedies Authority has extended the lifting of safeguard measures on imports of Ukrainian flat and coiled steel for another year, until May 30, 2024, reported the British government's website.
The TRA justified its decision by saying that the dumping of Ukrainian products is unlikely to recur due to reduced production capacity and restricted exports due to the war waged by Russia.
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TRA also took into account Ukraine's need to restore steel production capacity and domestic demand for steel to rebuild the country's infrastructure.
At the same time, the TRA left in place anti-dumping restrictions on imports of rolled steel from China, Russia, Brazil, and Iran.
Hot-rolled flat products are typically used as raw materials for other types of steel and account for almost one-third of global steel production.
In April 2023, Ukraine moved up in the global rankings of iron and steel producers.
On May 23, ArcelorMittal Kryvyi Rih announces a record UAH 49 billion ($1.3 billion) in losses.
On June 2, the US extended the duty-free regime for Ukrainian steel for a year.