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Iron & Steel Manufacturing in the UK - Market Research Report (2014-2029)

Martha Garcia Guerrero Martha Garcia Guerrero London, United Kingdom Last Updated: November 2024 SIC C24.100

Revenue

£7.6bn

2024-25

£7.6bn

Past 5-Year Growth

Profit

£XXX.Xm

Employees

25,073

Businesses

259

Wages

£X.Xbn

Iron & Steel Manufacturing in the UK industry analysis

Over the five years through 2024-25, revenue is expected to dip at a compound annual rate of 2.1% to £7.6 billion. Heaps of cheap steel on the global market have undercut British prices and caused big trade partners like the EU to institute import quotas. Unable to lower prices because of high labour costs and environmental charges, industry giants like British Steel and Tata Steel have stated a need for government intervention to continue operating. Both companies are also moving away from blast furnace operations to invest in greener electric arc furnaces, marking a complete industry shift. Tata Steel closed its Port Talbot site in September 2024, marking the end of traditional steelmaking in Wales and the switch to its electric arc furnace, which is set to begin operations in 2028. British Steel is preparing to close its Lincolnshire blast furnace site before the end of 2024-25.

Trends and Insights

  • Soaring iron prices inflate revenue. Iron and steel manufacturers’ revenue has swelled significantly in recent years, as climbing iron ore prices caused them to increase prices. However, prices are now falling back.
  • Rods and bars contribute a big chunk of revenue. Still, intense competition from foreign producers, most notably China, has dampened revenue from these products.
  • Many iron and steel manufacturers base themselves in Yorkshire. The region gives them easy access to raw materials, with Grimsby in Yorkshire providing an essential shipping link with Northern Europe.
  • Competition between domestic iron and steel manufacturers is limited. Domestic manufacturers can compete based on the quality of their steel, the precision of manufactured products and the ability to meet tight delivery schedules.

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  • Market estimates from 2014-2029
  • Critical performance data and rankings
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Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has declined at a CAGR of 1.8 % over the past five years, to reach an estimated £7.6bn in 2024.

Trends and Insights

Steel manufacturing giants aim to go greener

  • British Steel and Tata Steel UK run the last two blast furnace sites in the UK. These sites are subject to extensive environmental and energy costs, which limit profit. To improve efficiency and profitability, both companies are planning to shut their blast furnaces and switch to electric arc furnaces.
  • Additional trends and insights available with purchase
Iron & Steel Manufacturing in the UK
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2024-2029)

Market size is projected to decline over the next five years.

Trends and Insights

Foreign quotas continue to limit exports

  • The EU steel safeguard measures instituting import quotas on steel are set to continue until at least 30 June 2024, limiting exports to a major market.

Biggest companies in the Iron & Steel Manufacturing in the UK

Company
Market Share (%)
2025
Revenue (£m)
2025
Tata Steel UK Ltd
1,292.3
British Steel Ltd
1,077.4
Celsa (UK) Holdings Ltd
657.0

To view the market share and analysis for all 4 top companies in this industry, view purchase options.

Products & Services Segmentation

Iron & Steel Manufacturing in the UK
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Sections, Rods and bars and Ingots. Sections is the largest segment of the Iron & Steel Manufacturing in the UK.

Trends and Insights

Demand for plates, sheets and strips picks up with aerospace manufacturing

  • Plates come in various thicknesses and are mainly used in manufacturing, while sheet metal is typically thinner than plates and metal strips are narrower than either sheets or plates. Plates, sheets and strips are widely used in many downstream manufacturing industries, including aerospace, which is the main buyer.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

Companies in this industry produce iron and steel in blast furnaces or reprocess steel in electric arc furnaces. They make a variety of basic steel products, including ingots, sheets, plates, bars, rods, girders and sections.

What's included in this industry?

SectionsWire coilTin mill productsRods and barsIngotsPlates, sheets and strips Railway tracks

Companies

Tata Steel UK LtdBritish Steel LtdCelsa (UK) Holdings Ltd

Purchase this report to view all 4 major companies in this industry.

Related Terms

INGOTELECTRIC ARC FURNACEFERROALLOYSMELT SHOPSMELTING

Industry Code

SIC 2007

SIC 24.10 - Iron & Steel Manufacturing in the UK

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

Soaring iron prices inflate revenue. Iron and steel manufacturers’ revenue has swelled significantly in recent years, as climbing iron ore prices caused them to increase pric...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Rods and bars contribute a big chunk of revenue. Still, intense competition from foreign producers, most notably China, has dampened revenue from these products.

In this chapter

  • Products & Services
  • Major Markets
  • International Trade

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level
  • Total imports, level and trend
  • Total exports, level and trend
  • Trade Balance

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024
  • International trade, including imports by country and exports by country

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services
  • Recent trends in import and export volumes, country of origin or destination, and expected future trends

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

Many iron and steel manufacturers base themselves in Yorkshire. The region gives them easy access to raw materials, with Grimsby in Yorkshire providing an essential shipping ...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each region
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each region in 2024
  • Number and share of revenue each region accounts for in 2024
  • Number and share of wages each region accounts for in 2024
  • Number and share of employees in each region in 2024

Detailed analysis

  • Geographic spread of the industry across Europe, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Competition between domestic iron and steel manufacturers is limited. Domestic manufacturers can compete based on the quality of their steel, the precision of manufactured pr...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

Tata Steel secures government investment for electric arc furnaces. In September 2023, Tata Steel UK secured a joint investment deal with the UK government to invest in green...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of Tata Steel UK Ltd's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of British Steel Ltd's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Celsa (UK) Holdings Ltd's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of revenue, market share and profit margin trend for one additional company

Detailed analysis

  • Description and key data for Tata Steel UK Ltd, and factors influencing its performance in the industry
  • Description and key data for British Steel Ltd, and factors influencing its performance in the industry
  • Description and key data for Celsa (UK) Holdings Ltd, and factors influencing its performance in the industry
  • Description, key data and performance trends for one additional company

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

Demand from motor vehicle manufacturers is growing. Iron and steel are used in the manufacture of motor vehicles, so strong investment from the automotive sector presents an ...

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Profit rises despite challenging conditions. Despite surging utility costs since 2022-23 and a rise in global steel production constraining growth, profit is inching up in 20...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Liquidity Ratios (2018-2022)
  • Coverage Ratios (2018-2022)
  • Leverage Ratios  (2018-2022)
  • Operating Ratios (2018-2022)
  • Assets (2018-2022)
  • Liabilities (2018-2022)
  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Iron & Steel Manufacturing in the UK industry in United Kingdom in 2024?

The market size of the Iron & Steel Manufacturing in the UK industry in United Kingdom is £7.6bn in 2024.

How many businesses are there in the Iron & Steel Manufacturing in the UK industry in 2024?

There are 259 businesses in the Iron & Steel Manufacturing in the UK industry in United Kingdom, which has grown at a CAGR of 0.2 % between 2019 and 2024.

Has the Iron & Steel Manufacturing in the UK industry in United Kingdom grown or declined over the past 5 years?

The market size of the Iron & Steel Manufacturing in the UK industry in United Kingdom has been declining at a CAGR of 1.8 % between 2019 and 2024.

What is the forecast growth of the Iron & Steel Manufacturing in the UK industry in United Kingdom over the next 5 years?

Over the next five years, the Iron & Steel Manufacturing in the UK industry in United Kingdom is expected to decline.

What are the biggest companies in the Iron & Steel Manufacturing in the UK market in United Kingdom?

The biggest companies operating in the Iron & Steel Manufacturing market in United Kingdom are Tata Steel UK Ltd, British Steel Ltd and Celsa (UK) Holdings Ltd

What does the Iron & Steel Manufacturing in the UK in United Kingdom include?

Sections and Wire coil are part of the Iron & Steel Manufacturing in the UK industry.

Which companies have the highest market share in the Iron & Steel Manufacturing in the UK in United Kingdom?

The company holding the most market share in United Kingdom is Tata Steel UK Ltd.

How competitive is the Iron & Steel Manufacturing in the UK industry in United Kingdom?

The level of competition is moderate and steady in the Iron & Steel Manufacturing in the UK industry in United Kingdom.

Related Industries

Widen your competitive advantage with related industries

Competitors

  • Manufacture of Plastic Plates, Sheets, Tubes and Profiles in the UK
  • Aluminium Production in the UK

Complementors

  • Steel Tube, Pipe & Related Fitting Manufacturing in the UK
  • Basic Steel Processing in the UK

International industries

  • Iron & Steel Manufacturing in the US
  • Iron & Steel Manufacturing in Canada
  • Iron Smelting and Steel Manufacturing in Australia
  • Iron and Steel Smelting in China

View all industries in United Kingdom

Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in the UK include:

  • Office for National Statistics
  • Office for Budget Responsibility
  • Bank of England

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

Learn more about our methodology and data sourcing on the Help Center.