FEATURE: European steel industry groups rue UK's ‘Brexit’ vote

European steel industry organisations were mostly disappointed by the result of the UK’s referendum vote last week which will see the country leave the EU.

The UK public voted to leave the EU in a poll on Thursday June 23, a decision known as “Brexit”. Early on June 24, after the result was announced, UK prime minister David Cameron – who supported the campaign to remain in the EU – announced his resignation.
As a result of the vote, sterling plunged to 31-year lows against the US dollar, at £1 to $1.3162 on the afternoon of June 27 according to Bloomberg.com, compared with £1 to $1.4877 in the morning of June 23.
At the same time, the euro has also fallen against the US dollar, with the official exchange rate at €1 to $1.0977, from €1 to $1.1385, in the same comparison.
Since the UK’s referendum, a number of European trade unions, industry groups and investment banks have expressed their thoughts on the referendum result.
Economic effect

European steel association Eurofer...


Lee Allen

June 27, 2016

18:44 GMT