British Steel underpins £9.8bn in economic activity and supports 142,000 jobs across the UK, according to new independent analysis by Oxford Economics
The report highlights the central role British Steel plays within its own operations and across the wider economy, setting out why steelmaking matters in the UK. The company directly, and indirectly through its UK suppliers, supports £1.1bn in GDP and more than 20,000 jobs across the UK. Its products also enable a further £9.8bn in economic activity and 142,000 jobs across key downstream customer sectors, including construction and rail.
The analysis shows that British Steel’s impact is concentrated in regions with deep industrial heritage. In the North of England alone, British Steel supports £680m in GDP and 13,700 jobs, with the vast majority of wages flowing into local communities and supply chains.
British Steel is also supporting regional growth through its supply chain. Nearly half of the money it spends in the UK is with businesses located in the 20% most deprived local authorities in England.
The report also highlights British Steel’s role in supporting small and medium-sized businesses, with SMEs making up 94% of its UK suppliers. In turn, this provides and supports more than 8,000 SME jobs.
The findings underline the importance of the steel industry as a foundation for activity across sectors that are critical to the UK’s infrastructure and long-term growth, from construction and transport to energy and advanced manufacturing.
The findings come as British Steel continues to drive its Save Steel Buy British campaign, which calls for greater use of British-made steel in infrastructure and across supply chains to support domestic industry.
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 report here: The-Socioeconomic-footprint-of-British-Steel-in-the-UK-2026.pdf