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Britain's steel industry set to enjoy GBP 3.8 billion boost under Government plan-The 19th China (Guangzhou) Int’l Spring Industry Exhibition
12/19/2017 Spring Industry Exhibition-Spring expo |
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Telegraph UK reported that Britain’s steel industry could boost its revenues by GBP 3.8 billion a year by 2030 according to a Government report setting out opportunities to bolster the sector and increase domestic demand for steel. The report, part of the Industrial Strategy, said that in 2015 national demand for steel was 9.4 million tonnes, of which less than half 4.4 million tonnes, worth GBP 1.6 billion came from UK producers.
UK demand is set to rise to 11 million tonnes a year by 2030 according to the Future Capacities and Capabilities study, and by boosting the amount of British-made steel used here, annual sales of UK steel could rise to GBP 5.4 billion.
The biggest opportunity to boost sales is through construction, accounting for GBP 2.2 billion, as Britain ramps up infrastructure projects. An estimated 3 million tonnes of steel will be needed by 2021 for flagship projects such as the Hinkley Point nuclear power station and the HS2 rail link.
The car industry is another key target. Currently British car makers use 2m tonnes of steel a year, of which only 35pc is domestic.
By meeting new demand for steel in the UK and taking a bigger slice of the current 5m tonnes of imports a year, Britain’s steel making industry could be significantly boosted, the report said.
Claire Perry, Industry Minister, said that “Government has been clear that we will do everything we can to support our steel industry. The report identifies high-value opportunities for the sector worth nearly GBP 4 billion and the steel pipeline shows our commitment to using UK steel for infrastructure projects. We want UK companies big and small to be strong competitors for government contracts.”
-The 19th China (Guangzhou) Int’l Spring
Industry Exhibition
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