STEEL INDUSTRY

Evening Post, Volume CXIX, Issue 134, 8 June 1935, Page 9

STEEL INDUSTRY

INTERNATIONAL CAETEL

POSITION OF BRITAIN

LUXEMBOURG, June 7.

The British steel delegation has reached a three-year pact with the International Cartel.

Imports into Britain have been fixed at 670,000 tons in the first year and 525,000 tons for the following years.

A British Official Wireless message dated April 30 stated that representatives of the European Steel Cartel and of the British Iron and Steel Federation concluded an agreement for a period of three months providing that imports of cartel products into the United Kingdom should not exceed a rate of 643,000 tons per annum and 160,750 tons for three months with certain adjustments for other products. During this period negotiations for a long-term agreement would actively be> pursued. The British delegation undertook to request the British Government to suspend for three months the operation of the increased duties which came into effect on March 26 last.

The "Daily Telegraph" stated that the d-.cision was the climax of five years of endeavour to safeguard the British industry. From Ma; 1 it would become virtually a member of the cartel. It's home market would be safeguarded from dumping, and would obtain a reasonable share of the world's neutral markets.

The proposed long-term agreement included a quota for British exports to countries within and outside the cartel. The decision substituted co-operation among the steel producers of Europe for commercial warfare.

For last year, before the imposition of British import duties on iron and steel, Britain imported 950,000 tons of steel more than she exported, whereas a few years before there was a 3,300,000 tons excess of exports over imports. Much of this imported steel was sold here at 25s per ton below cost.