A brighter future for UK steel
Think tank: Green Alliance
Author(s): Roz Bulleid
August 30, 2023
This report from UK think tank Green Alliance looks at the UK steel industry, which is going through a critical transition.
The UK steel industry is going through a critical transition. It is seeking government support to help it reduce its emissions and improve its competitiveness. This shift is partly driven by global steel markets increasingly demanding cleaner steel. In this report, we model the future UK market for steel, showing its potential to grow by up to 26 per cent by 2030. Two thirds of the growth will come from new net zero needs. To achieve net zero, it is important that the UK also uses its steel more efficiently. We show that the better use of steel could reduce its embedded carbon by 14 per cent and cut emissions from the UK steel industry by at least six per cent in 2030. We call on the steel industry to green its production while adopting new business practices that improve synergy with end markets. We also call on government to support the transition by creating a favourable investment environment, supporting UK manufacturing and increasing requirements around resource efficiency.