Brexit won't save UK steel industry

British Steel would be easier to bail out if the UK were outside the European Union, and the no-deal Brexit turmoil could wreak havoc on the industry even more, the UK Steel director said.

The intervention by UK Steel CEO Gareth Stace began with the government facing an urgent need to find a buyer for British Steel, which went bankrupt last week, threatening 5,000 jobs and thousands more in its supply chain.

Stace said the organization is "naturally wary of engaging in political debate," but the industry needs to "establish the facts about our situation."

"Want to save the UK steel industry? Brexit is not an option," says
Gareth Stays.

He said the growing list of free trade agreements signed by the EU with other countries already gives UK steelmakers zero tariff access to overseas buyers, a threat from Brexit.

He added that the EU was instrumental in introducing measures to protect producers in the region from foreign suppliers flooding the market with cheap subsidized products.