UK Steel Producers to benefit from £3.8bn of Opportunities

UK steel producers are set to benefit from opportunities worth almost £4bn by 2030, according to new research.

The government has published independent research into the future capability and capacity of the industry.

It has identified opportunities in new and existing markets that could be worth as much as £3.8bn per annum within the next 12 years.

An updated pipeline of steel procurement has also been released, which honours a pledge the government made to annually publish steel procurement data. This information shows how three million tonnes of UK steel will be used over the next five years in projects such as HS2 and the construction of Hinkley Point C.

The data is designed to allow steel companies to plan for the long term.

Claire Perry, minister for climate change and industry, said: “Through our modern Industrial Strategy, the government has been clear that we will do everything we can to support our steel industry.

“The steel pipeline shows our commitment to using UK steel for infrastructure projects and we want UK companies big and small to be strong competitors for government contracts.”

General secretary of Community, the steelworkers’ union, Roy Rickhuss added: “This will help us all better understand the opportunities and challenges facing the UK steel industry.

“The UK steel industry has enormous potential, and we urge government and steel companies to continue working with the unions to secure a sustainable future for UK steelmaking.

“Crucial to this future will be the successful conclusion of a sector deal for our industry, which will unlock investment and safeguard thousands of jobs across the UK.”

Source: Matthew Ord, Insider Media, December 2017