UK steel industry protectionism

What happened: The UK steel industry is grappling with potential challenges and changes. Steel bosses have warned of a "back door" loophole in new trade rules that could lead to job cuts and closures by allowing tax-free imports of foreign steel products (The Times). Meanwhile, British Steel, employing 3,500 people, is set to be fully nationalised within weeks, a year after the government took over its operations (The Guardian). Labour MP Nic Dakin has urged the government to nationalise British Steel by the summer if talks with its Chinese owner Jingye fail (BBC).

Market impact: The loophole in trade rules threatens the competitiveness of UK steel manufacturers, potentially leading to job losses and factory closures. The nationalisation of British Steel could result in increased government spending and potential long-term investment in the company. The offshore energy industry has also warned that the UK needs to support North Sea exploration to ensure domestic oil and gas production (Offshore Energies UK). Additionally, Hazer Group has signed a deal with Green Steel of WA to commercialise its graphite by-product, linking its technology to a proposed low-emissions steelmaking process (ASX).

What to watch next: The outcome of the government's review of the trade rules to address the potential loophole affecting the steel industry. The progress and final decision on the nationalisation of British Steel, with a potential deadline of summer 2023. The development of Hazer Group's graphite by-product commercialisation and its integration with Green Steel's low-emissions steelmaking process.