LONDON—The UK government on Sunday announced a multi-billion-pound plan to protect Britain’s steel industry, as it faces looming US trade tariffs.
Prime Minister Keir Starmer’s Labor administration said it was stumping up to £2.5 billion ($3.2 billion) to help support the sector.
It also launched a consultation looking at how to “protect the steel sector from unfair trading practices abroad” and reduce high electricity costs.
“The UK steel industry has a long-term future under this government,” Business Secretary Jonathan Reynolds said in a statement.
The announcement came days after US President Donald Trump said he would impose 25 percent tariffs on steel and aluminum imports from March 12.
Canada, Mexico and Brazil are among the biggest steel exporters to the United States, followed by South Korea. AFP
