2 min read - 8 May, 2026
British Steel underpins £9.8bn in economic activity shows new report
British Steel underpins £9.8bn in economic activity and supports 142,000 jobs, 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, quantifying why steelmaking matters in the UK. The company directly and indirectly, through its UK suppliers, supports £1.1bn in GDP and over 20,000 jobs across the UK, while its products enable a further £9.8bn in economic activity and 142,000 jobs across key downstream customer sectors, including construction and rail.
The analysis also 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 supports billions of pounds of economic activity and tens of thousands of jobs across the UK, according to analysis by Oxford Economics / Picture: British Steel
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. Furthermore, British Steel plays a big role in supporting small and medium-sized businesses, with 94% of its UK suppliers being SMEs, in turn providing and supporting over 8,000 SME jobs.
The report’s findings underline the foundational importance of the steel industry, enabling 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.
Around 94% of its UK suppliers are classified as small and medium-sized enterprises, supporting over 8,000 SME jobs. / British Steel
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.”
British Steel facts and figures at a glance
• British Steel enables £9.8bn in economic activity
• Supports 142,000 customer-related downstream jobs
• Spends £690m with over 1,400 UK suppliers
• Over one-third (£250m) of UK supplier spend is with SMEs
• 97% of UK sales were to the UK’s construction, rail, metal products, and wider basic metals sectors
Read the full British Steel report:
