In 2023, the labour cost per employee FTE in the UK for the basic iron, steel, and ferro-alloys industry stood at an estimated 44.6 thousand euros. The forecasted data from 2024 to 2028 indicates a gradual decline in labour costs, with values decreasing from 44.0 thousand euros in 2024 to 41.6 thousand euros by 2028. This equates to an approximate year-on-year decline of 1.4% over this period, with a compounded annual growth rate (CAGR) of -1.55% over the five-year forecast horizon.
Future trends to watch for include:
- Potential fluctuations in steel and alloy demand impacting labour costs.
- Technological advancements possibly reducing manpower requirements.
- Governmental policy changes influencing the industry cost structure.