steelmaker

It sparked financial turmoil and alarm around the world, including in the UK, where car manufacturers and steelmakers rely on the US as a key destination for exports.

The contract will begin on 1 July, with the company continuing to provide Network Rail with 80% of its track needs and other European steelmakers to supply "specialist rail products" alongside, the government said.

Concerns have been raised by several UK industries, including car manufacturers and steelmakers, which export a lot of goods across the Atlantic.

However, there is a second-order effect - that international steel earmarked for the US could now be diverted to the UK and create a glut of the metal and undercut domestic steelmakers.

UK steelmakers said US President Donald Trump's decision to double import taxes on steel and aluminium to 50% is "yet another body blow" to the industry.