Government study into the Future Capacities and Capabilities of the UK Steel Industry

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BEIS has today published the long awaited study in the future capacity and capability of the UK steel sector. Commissioned as a result of the steel crisis towards the end of last year, the report maps out the future steel demands of the UK economy, considers what UK steel producers are currently capable of supplying, and examines the necessary action is required to seize this growing opportunity. The study concludes that under current conditions the UK will be importing £3.8 billion worth of steel products each year.

 

If UK steel producers are to capitalise on this opportunity, investment in new and existing mills will be required, as will R&D into new products and enhanced supply chain engagement. For the Government’s part, it is essential that it addresses cost disadvantages seen in electricity prices and business rates. The full report can be found here. UK Steel Director, Gareth Stace commented that, “The Government’s publication of this report is a crucial milestone along the road away from the difficulties of recent years towards a more positive, sustainable future for the steel sector. We already knew the UK economy was set to consume increasing volumes of steel in the years ahead but this report puts some big figures on the scale of this untapped opportunity. At a massive £3.8bn annual opportunity for UK producers by 2030, this report shows once and for all that there can be a positive future here for our steel producers, if the right measures are put in place.” UK Steel’s full press release is available here.

 

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