UK Steel analysis - British steel companies will face trade restrictions in virtually all their export markets in the event of a no-deal Brexit, resulting in a “hugely negative” impact on annual sales worth £2.8bn.
Departure from the EU without an agreement would mean duties or quotas in markets accounting for 97 per cent of outbound shipments, up from about 15% at present. Britain’s 2.6m tonnes of steel exports to the EU would also be “severely disrupted” because of extra paperwork, costs and border delays, it added. The UK produced 7.5m tonnes of steel in 2017, the last full year for which there is data, of which 3.6m tonnes were exported.
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