Latest news with #Jingye
Leader Live
26-06-2025
- Business
- Leader Live
Reynolds: Port Talbot plant does not meet US rules to get steel tariff exemption
The steel industry faces uncertainty over the US-UK trade deal finalised this month, which slashed tariffs on aerospace and auto sectors, but left levies on steel standing at 25% rather than falling to zero as originally agreed. Negotiations are ongoing to secure the outstanding tariff agreements. The executive order signed by Mr Trump suggests the US wants assurances on the supply chains for steel intended for export, as well as on the 'nature of ownership' of production facilities. Prime Minister Sir Keir Starmer has insisted the ownership structure of the British Steel plant in Scunthorpe does not need to change to complete the deal with the US. 'The issue with the implementation of the steel agreement is the melt and pour rules, which is the US interpretation of rules of origin around steel,' Mr Reynolds told reporters. He said that applies to the Port Talbot plant, where semi-finished products come into the UK and then go to the mills for processing to keep the business going. 'That doesn't meet their existing implementation of that in the US.' The British Steel plant is controlled directly by the Government, but is still owned by Chinese firm Jingye. Asked if British Steel's ownership was part of US trade talks, he said it 'comes up in the context of the US (being) very supportive of what we did' to take control of the plant. 'On British Steel, we have to resolve issues of ownership separate to issues around US trade,' he said. The ownership is something that needs to be resolved 'regardless' of the US talks. The Government plans to class Britain's steel and energy sectors as 'nationally important' to UK security under new procurement rules.
Rhyl Journal
26-06-2025
- Business
- Rhyl Journal
Reynolds: Port Talbot plant does not meet US rules to get steel tariff exemption
The steel industry faces uncertainty over the US-UK trade deal finalised this month, which slashed tariffs on aerospace and auto sectors, but left levies on steel standing at 25% rather than falling to zero as originally agreed. Negotiations are ongoing to secure the outstanding tariff agreements. The executive order signed by Mr Trump suggests the US wants assurances on the supply chains for steel intended for export, as well as on the 'nature of ownership' of production facilities. Prime Minister Sir Keir Starmer has insisted the ownership structure of the British Steel plant in Scunthorpe does not need to change to complete the deal with the US. 'The issue with the implementation of the steel agreement is the melt and pour rules, which is the US interpretation of rules of origin around steel,' Mr Reynolds told reporters. He said that applies to the Port Talbot plant, where semi-finished products come into the UK and then go to the mills for processing to keep the business going. 'That doesn't meet their existing implementation of that in the US.' The British Steel plant is controlled directly by the Government, but is still owned by Chinese firm Jingye. Asked if British Steel's ownership was part of US trade talks, he said it 'comes up in the context of the US (being) very supportive of what we did' to take control of the plant. 'On British Steel, we have to resolve issues of ownership separate to issues around US trade,' he said. The ownership is something that needs to be resolved 'regardless' of the US talks. The Government plans to class Britain's steel and energy sectors as 'nationally important' to UK security under new procurement rules.
South Wales Guardian
26-06-2025
- Business
- South Wales Guardian
Reynolds: Port Talbot plant does not meet US rules to get steel tariff exemption
The steel industry faces uncertainty over the US-UK trade deal finalised this month, which slashed tariffs on aerospace and auto sectors, but left levies on steel standing at 25% rather than falling to zero as originally agreed. Negotiations are ongoing to secure the outstanding tariff agreements. The executive order signed by Mr Trump suggests the US wants assurances on the supply chains for steel intended for export, as well as on the 'nature of ownership' of production facilities. Prime Minister Sir Keir Starmer has insisted the ownership structure of the British Steel plant in Scunthorpe does not need to change to complete the deal with the US. 'The issue with the implementation of the steel agreement is the melt and pour rules, which is the US interpretation of rules of origin around steel,' Mr Reynolds told reporters. He said that applies to the Port Talbot plant, where semi-finished products come into the UK and then go to the mills for processing to keep the business going. 'That doesn't meet their existing implementation of that in the US.' The British Steel plant is controlled directly by the Government, but is still owned by Chinese firm Jingye. Asked if British Steel's ownership was part of US trade talks, he said it 'comes up in the context of the US (being) very supportive of what we did' to take control of the plant. 'On British Steel, we have to resolve issues of ownership separate to issues around US trade,' he said. The ownership is something that needs to be resolved 'regardless' of the US talks. The Government plans to class Britain's steel and energy sectors as 'nationally important' to UK security under new procurement rules.
North Wales Chronicle
26-06-2025
- Business
- North Wales Chronicle
Reynolds: Port Talbot plant does not meet US rules to get steel tariff exemption
The steel industry faces uncertainty over the US-UK trade deal finalised this month, which slashed tariffs on aerospace and auto sectors, but left levies on steel standing at 25% rather than falling to zero as originally agreed. Negotiations are ongoing to secure the outstanding tariff agreements. The executive order signed by Mr Trump suggests the US wants assurances on the supply chains for steel intended for export, as well as on the 'nature of ownership' of production facilities. Prime Minister Sir Keir Starmer has insisted the ownership structure of the British Steel plant in Scunthorpe does not need to change to complete the deal with the US. 'The issue with the implementation of the steel agreement is the melt and pour rules, which is the US interpretation of rules of origin around steel,' Mr Reynolds told reporters. He said that applies to the Port Talbot plant, where semi-finished products come into the UK and then go to the mills for processing to keep the business going. 'That doesn't meet their existing implementation of that in the US.' The British Steel plant is controlled directly by the Government, but is still owned by Chinese firm Jingye. Asked if British Steel's ownership was part of US trade talks, he said it 'comes up in the context of the US (being) very supportive of what we did' to take control of the plant. 'On British Steel, we have to resolve issues of ownership separate to issues around US trade,' he said. The ownership is something that needs to be resolved 'regardless' of the US talks. The Government plans to class Britain's steel and energy sectors as 'nationally important' to UK security under new procurement rules.
Reuters
16-06-2025
- Business
- Reuters
UK finalises 500 million pound rail contract to save British Steel jobs
LONDON, June 17 (Reuters) - The British government is set to finalise a 500-million-pound ($679 million) rail steel deal between Network Rail and British Steel, aiming to protect thousands of jobs at a steelmaking plant in Eastern England that was brought under state control earlier this year. The contract will see British Steel supply more than 337,000 metric tons of rail track over five years, the government said on Tuesday, two months after seizing operational control of the steelmaker from its Chinese owners, Jingye, to prevent the closure of its blast furnaces in Scunthorpe. "This is great news for British Steel and a vote of confidence in the UK's expertise in steelmaking, which will support thousands of skilled jobs for years to come," business minister Jonathan Reynolds said. The contract, which starts in July, will provide publicly owned Network Rail with 80% of its rail needs and will build on the government's 2.5-billion-pound steel fund set up to boost steel production over the next five years, the statement said. To ensure security of supply, Network Rail is set to award smaller contracts to some European manufacturers for around 80,000 to 90,000 metric tons of rail, which will supply specialist rail products alongside British Steel, the statement said. The sector, which has been grappling with high costs and tough competition, last month called for clarity on when U.S. tariffs will be lifted under a landmark U.S.-UK deal agreed in May to remove President Donald Trump's steel levies. ($1 = 0.7363 pounds)
