Steel Industry News

In a significant breakthrough for transatlantic trade, the United States and United Kingdom have reached a new agreement that will eliminate tariffs on British steel and aluminum exports to the US, offering major relief to industries hit hard by previous trade barriers. Under the terms of the deal, the US will reduce tariffs on UK steel and aluminum from the 25% rate imposed earlier this year to zero, a move welcomed by UK manufacturers and hailed by officials as a step toward restoring competitiveness in key sectors. While a baseline 10% tariff will remain on most UK goods entering the US, the agreement marks a notable exception for metals, which had faced some of the most punishing levies since the escalation of global trade tensions

Industry leaders in both countries have praised the deal for safeguarding thousands of jobs and providing a more stable outlook for exporters, even as analysts caution that the broader economic impact may be modest compared to the pre-tariff environment.

The agreement, which still awaits final ratification, is seen as a political win for both President Trump and Prime Minister Starmer, signaling a renewed commitment to open markets and pragmatic cooperation amid ongoing global tariff negotiations

U.S. steel imports surged in March 2025, with total imports rising 11.4% to 2.5 million net tons and finished steel imports increasing 11.9% to 1.82 million net tons compared to February, according to the American Iron and Steel Institute and Census Bureau data. This growth was driven by significant increases in key products such as reinforcing bars (up 86%), line pipe (up 48%), oil country tubular goods (up 41%), and cold-rolled sheets (up 23%). For the first quarter of 2025, total steel imports reached 7.81 million tons, up 3.6% year-over-year, while finished steel imports rose 1.6%, with a market share of 21% in March and 22% for the quarter. Canada, Brazil, and Mexico remained the largest suppliers, and the import growth was most pronounced in products used by the construction and oil industries, even as domestic steel production declined by 2.4% in 2024

On April 4, 2025, the U.S. Department of Commerce announced preliminary affirmative determinations in its antidumping duty (AD) investigations on corrosion-resistant steel products (CORE) from ten countries: Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, Taiwan, Türkiye, the United Arab Emirates (UAE), and Vietnam. Concurrently, countervailing duty (CVD) investigations are ongoing for Brazil, Canada, Mexico, and Vietnam. The investigations stem from petitions by major U.S. steel producers and a labor union, alleging that imports from these countries are being sold in the U.S. at less than fair value (dumped), and, in the case of four countries, that their industries benefit from unfair government subsidies.

Each country faces specific preliminary dumping rates. For example, Australia’s rate is 17.01%, Brazil’s ranges from 31.53% to 137.76%, Canada’s from 2.31% to 52.08%, Mexico’s from 3.43% to 14.43%, the Netherlands at 22.59%, South Africa at 17.90%, Taiwan from 2.64% to 67.90%, Türkiye from 0% to 15.18%, UAE from 7.01% to 16.37%, and Vietnam from 39.84% to 88.12% depending on the exporter. For CVD, Brazil faces rates up to 1.72%, with lower or de minimis rates for some producers; Canada, Mexico, and Vietnam are also subject to CVD investigations, though specific rates are not detailed in the preliminary AD summary. If final determinations uphold these findings and the U.S. International Trade Commission (ITC) confirms injury to the U.S. industry, importers will be required to post cash deposits at these rates, and duties will be imposed accordingly