DEVELOPING: EU Steel Tariff Hike Sparks 'Looming Industry Collapse' for UK Businesses

EU Steel Tariff Hike Sparks Crisis for UK Businesses The European Union has announced plans to hike tariffs on imported steel, a move that could lead to the "biggest crisis" faced by the UK's steel industry. The EU will cut tariff-free quotas for imports from 47 million tonnes to 18.3 million tonnes per year, with new 50% tariffs applying beyond this limit. The decision is set to come into effect early next year and has already sparked alarm among UK businesses, which export nearly £3 billion worth of steel to the EU each year. The bloc's most important export destination for steel, representing 78% of all steel products made in the UK for overseas markets. The EU is responding to pressure from member states and their struggling steel industries, which have been hit by cheap imports from countries like China and Turkey. "We have global over capacity, unfair competition, state aid, and undercutting in prices," said Stéphane Séjourné, a European Commission official. The new measures will need approval from the majority of EU member states and the European Parliament before taking effect. UK businesses are bracing themselves for the impact, which could lead to job losses and factory closures. This is a developing story, with further updates expected in the coming days as the full implications of the EU's decision become clear. *This is a developing story. Updates will be provided as more information becomes available. Based on reporting from Bbc.*