The steel and metal industry contributes significantly to the United Kingdom's Gross Domestic Product (GDP) and overall international trade. Various produced British steel find their consumers in the global metal market. Specifically,
in 2023. However, after
, the UK had difficulty selling its steel to global importers due to increased tariffs, customs checks, and bureaucratical procedures. The British government imposed tariff protections and signed trade agreements with other parties to ease the effects of withdrawal from the European Union.
Major players in the British steel market
The United Kingdom was home to around 265 VAT/PAYE-based enterprises in the basic metal manufacturing industry in 2023, of which were the biggest enterprises with a turnover of more than five million British pounds. The country's all manufacturers were responsible for producing approximately six million metric tons of
crude steel as of 2022. However, figures had overall declined between 2009 and 2022.
Tata Steel UK, the subsidiary of an Indian multinational conglomerate, recorded again a net loss of 222 million British pounds in 2023 after recording the second net income in the last eight years. In contrast, another big steel manufacturing company, Celsa Steel UK had net incomes of nearly 17.8 and 30 million British pounds in 2021 and 2022..
Current status of the exports
Export value of ferrous waste and scrap started decreasing again after seeing net increases in the last two years, amounting to approximately 2.6 million British pounds in 2023. Regarding exports of iron and steel products, values dropped to 189.4 million British pounds for selling such items in the
form of bars and rods. Moreover,
iron and steel exports also declined from 7.5 to 5.3 billion British Pounds in 2023. The main challenge facing the British steel industry is keeping up with climate mitigation strategies. Steel production is responsible for around seven percent of the world's greenhouse gas emissions. Therefore, it is vital to decarbonize the industry to meet global climate targets set in the Paris Agreement.
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