JSW Steel rises 2% on gas supply worries HSBC raises Tata Steel target to ₹250 British Steel to supply 120,000 mt billet to Nigeria ₹3,200 crore Tata Steel EAF starts in Ludhiana
UK steelmakers decreased steel production by 6.5% in 2023 compared to 2022, to 5.6 million tonnes. Thus, the country ranked 26th in the global ranking of steel producing countries by Worldsteel, according to the association.
Steel production in the country has been on a downward trend for the second year in a row. In 2022, production reduced by 15.6% y/y – to 6.2 million tonnes, while in 2021 the figure surged by 3.9% y/y – to 7.4 million tonnes. In 2021, the country was ranked 24th among steel producing countries.
Tata Steel has recently declared that it will shut down two blast furnaces at its Port Talbot facility by the end of 2024. The shutdown is part of a plan to reorient the UK steel business by switching to electric arc furnaces. The company is the largest steel producer in the country, so this event may affect the industry’s performance in 2024-2025.
The new electric arc furnaces are likely to be built with government support. Last year, the British government agreed on a £500 million ($620 million) support package for Tata Steel’s green transition. The company was expected to invest £1.25 billion, including a grant from the government, in new electric arc furnaces to make steel production more environmentally friendly at the plant.
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