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British Steel faces EUR 110 million Brexit bill

Steel News - Published on Mon, 25 Feb 2019

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Politico quoted a Bloomberg report as saying that British Steel could be among the first businesses to take a major financial hit because of Brexit, about EUR 110 million in case of a Brexit no-deal. According to Bloomberg, in the absence of a Brexit deal, British Steel must buy around 6 million tons of carbon on the open market, at a cost of around EUR 110 million by March 15

British Steel downplayed fears saying it's ready to cope with any scenario. British Steel Chief Financial Officer Gerald Reichmann said in an e-mail to Bloomberg “We have robust plans in place to deal with the various Brexit scenarios including the change in carbon credit regime.”

The steelmaker had access to free carbon permits under the EU Emissions Trading System, but the EU decided in December 2018 to suspend the permits as part of no-deal Brexit contingency planning.

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Posted By : Joykumar Irom on Mon, 25 Feb 2019
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