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UPDATE 1-UK government proposes to extend steel quotas and tariffs

·1 min read

(Adds details, background)

LONDON, June 23 (Reuters) - Britain proposed on Thursday to extend for a further two years a package of tariffs and quotas on five steel products to protect domestic steelmakers.

A year ago, Britain introduced new regulations to protect its steel industry, which employs nearly 34,000 people and generates about $2 billion in turnover each year.

"Removal of the steel safeguard measure would likely result in an increase in imports and therefore would result in serious injury or the threat of serious injury to UK steel producers," a statement said.

Britain last year retained quotas and tariffs it inherited from the European Union on 10 categories of steel for three years. But on five products, the safeguards were extended on a temporary basis for one year.

Those are now due to be retained for two more years, partly due to expectation of global oversupply for steel products "for the foreseeable future", the statement added.

The EU introduced quotas in 2019 when Britain was still in the bloc to guard against steel shipments normally destined for the United States being redirected to Europe after U.S. President Donald Trump imposed 25% tariffs. (Reporting by William James and Eric Onstad; Editing by Michael Holden and Alison Williams)