What is the cost of ironmaking in Sheffield?
Posted October 28, 2018 08:24:37The price of iron making in Sheffield is a lot higher than the average wage, according to new research.
It comes as a Royal Institution of Chartered Surveyors survey found that the industry was a big part of the UK’s economy and that there was strong demand for its products.
The survey also revealed that the steel industry accounted for about 16 per cent of the total cost of building a home.
Ironmaking is also the subject of much controversy over its safety and environmental benefits.
However, the research also revealed the price of steel in Sheffield had gone down significantly in the last decade.
The report said steel makers used to pay around 20 per cent more than their competitors, but since the recession that figure has fallen to less than 10 per cent.
“There is clearly a market for steel in the UK,” said Matthew Tummino, the director of the RICS survey, in a statement.
“Steelmakers in Sheffield have been the biggest losers in this downturn in the economy.”
It is estimated that about 5,500 people work in steelmaking, but that this number has fallen by almost a quarter in the past 10 years.
In addition to the steel, there are also various other sectors where the cost to produce steel is high, including:Poultry, fish and poultry processingThe sale of meat and fish products including chicken, lamb, turkey and fishFisheries and aquacultureThe building of stone and concrete buildingsThe production of iron, copper and zincAs well as being a vital industry in the city, the construction of houses and homes is also important in the steel and ironmaking industries.
The RICs report found that steelmakers used to have to pay an average of 25 per cent above the cost that was paid by their competitors in the same industry, but the cost has dropped significantly since 2010.
“We believe that this trend reflects the strong recovery in the industry, the continued growth in domestic demand, the strong value added generated from our ironmaking operations, and the low cost of production,” said Dr Tummineo.
The industry employs about 8,000 people in Sheffield.