British Steel supports billions of pounds of economic activity and tens of thousands of jobs across the UK, according to new independent analysis by Oxford Economics.
The report highlights the role British Steel plays both through its own operations and supply chain, and in enabling activity across key industries that rely on its products.
A significant contribution across the UK economy
The analysis shows that British Steel’s operations, workforce and supply chain directly and indirectly support £1.1bn in GDP and over 20,000 jobs across the UK.
Beyond this, the company’s products enable a further £9.8bn in economic activity and support 142,000 jobs across downstream customer sectors, including construction, rail and manufacturing.
Together, these findings underline the importance of steel as a core input into industries that are critical to the UK’s infrastructure and economic growth.
Supporting regional economies
British Steel’s impact is particularly strong in regions with deep industrial heritage.
In the North of England alone, the company supports £680m in GDP and 13,700 jobs, with the majority of wages flowing into local communities and supply chains.
This reflects the important role steel plays in sustaining regional economies, supporting skilled employment and strengthening local supply chains.
Driving growth through UK supply chains
British Steel’s contribution extends across its supply chain, supporting businesses throughout the UK.
Nearly half of the money it spends in the UK is with businesses located in the 20% most deprived local authorities in England, helping to sustain economic activity where it is most needed.
The company also plays a key role in supporting small and medium-sized enterprises, with 94% of its UK suppliers classified as SMEs, supporting over 8,000 SME jobs.
A foundation for UK industry and infrastructure
Steel is essential to the sectors that underpin the UK economy, from construction and transport to energy and advanced manufacturing.
The findings from Oxford Economics highlight the importance of maintaining a strong domestic steel sector to support these industries and the infrastructure they deliver.
Supporting long-term capability
The report comes as British Steel continues to drive its ‘Save Steel Buy British’ campaign, calling for greater use of British-made steel in infrastructure projects and supply chains.
Supporting domestic steelmaking helps sustain jobs, strengthen regional economies and maintain an important industrial capability for the UK.
Allan Bell, Interim CEO, British Steel, said: “This analysis shows British Steel’s significant contribution to the UK economy and the essential role our products play across critical industries.
“Steel is fundamental to the infrastructure the country relies on and the growth it is seeking to deliver. Maintaining a strong domestic steel sector is vital not only for jobs and regional economies, but for the UK’s long-term resilience and industrial capability. That is why we are proud to lead our ‘Save Steel Buy British’ campaign, turning that contribution into long-term security for the sector.”
Read the full Oxford Economics report here.
