How will Brexit affect the steel industry?

According to an official note released by the European Steel Association (EUROFER) three days before the referendum, a vote for Brexit would represent another blow to the UK steel industry, and have far reaching effects on the European steel sector.

“There are a number of foreseeable negatives and very few discernible positives in this event," said Axel Eggert, Director General of EUROFER. 

The UK steel sector, which employs around 13,000 people, heavily depends on the EU as a market for its steel products: in 2015 71% of its total flat products exports and 65% of its total long product exports were sold to EU countries.  “It is clear that a vote for Brexit would damage the UK steel industry”, added Mr Eggert. With UK ending its membership of the European Union, international businesses will re-consider their operational, commercial and investment strategies, and the UK could have to find alternative arrangements – such as trade under WTO rules - for the conduct of its trade policy. "Inside the EU the UK gets a better deal internationally than it could ever hope to achieve outside”, concluded Mr Eggert.

Now that Brexit is decided, the whole European steel industry is waiting to know the actual repercussions.

More about Eurofer's position on Brexit at this link >>>