Brexit now finds itself in a precarious final stage, with many UK industries worried about what will happen if a ‘no deal’ scenario plays out, including the UK steel industry.
Already the steel industry in the UK has struggled to compete against countries with lower wages and hence lower costs. Back in 1971, the Port Talbot Steelworks provided employment to over 320,000. At one point losing more than £1 million daily, it now employs just 32k people. The steel industry is now only responsible for 0.1% of the country’s economic output but is still held to be a cornerstone of manufacturing in the UK.
And some things have improved: the industry is doing well from the weaker sterling due to the Brexit vote and with Tata merging with ThyssenKrupp and hitting annual sales of around €14bn, the industry is back to being a notable global player once again.