Based on the forecasted data from 2024 onwards, the production of Iron and Steel in the UK is anticipated to decline marginally each year, starting at £8.18 billion in 2024 and decreasing to £8.05 billion by 2028. When compared to the standing value in 2023, the data represents a slight yet consistent downward trend.
Year-on-year variations indicate minor declines: -0.37% from 2024 to 2025, -0.49% from 2025 to 2026, -0.37% from 2026 to 2027, and -0.37% from 2027 to 2028.
The compound annual growth rate (CAGR) over this 5-year period reflects an average annual decrease of approximately 0.4% in the production values.
Future trends to watch for include potential impacts of environmental regulations on production efficiency, the integration of advanced manufacturing technologies, shifts in global steel demand, and local economic factors which could either exacerbate or stabilize the forecasted decline.