00:00We want to have a strong steel production sector in the UK.
00:05It's crazy that we only meet 30% of UK steel needs out of UK production.
00:11We need to get that up to 50%.
00:12So we're announcing £2.5 billion worth of financial support into the whole of the sector.
00:17We want to not just protect the 40,000 jobs in the industry,
00:21but we want to enhance it so that we are strong and providing what the UK needs.
00:25A key part of that is making sure that where artificially low prices from overseas are pricing out UK business,
00:32we are now going to put a strict limit on the amount of steel that can come in in categories
00:39that we already produce or can produce in the UK.
00:41And anything coming in above that quota will have to pay an additional tariff of 50%.
00:46That is all about making sure that we have a really strong steel sector in the UK.
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