Has the U.K. Steel Industry valuation changed over the past few years?

Investors are optimistic on the British Steel industry, and appear confident in long term growth rates. The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.8x.

How does U.K. Steel compare with similar industries?

There are no additional sub-industries under this industry.

U.K. (FTSE) Steel Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Sat, 25 Jul 2026	UK£3.2b	UK£1.7b	-UK£126,001,111.29	24.5x	-25.1x	1.8x
Mon, 22 Jun 2026	UK£3.1b	UK£1.7b	-UK£126,023,829.49	24.2x	-24.5x	1.8x
Wed, 20 May 2026	UK£2.8b	UK£1.7b	-UK£124,894,488.57	24x	-22.8x	1.7x
Fri, 17 Apr 2026	UK£2.8b	UK£1.7b	-UK£123,370,132.64	22.6x	-22.8x	1.7x
Sun, 15 Mar 2026	UK£2.6b	UK£1.7b	-UK£166,422,579.44	23.4x	-15.6x	1.5x
Tue, 10 Feb 2026	UK£2.9b	UK£1.7b	-UK£159,882,921.44	23.6x	-18.1x	1.7x
Thu, 08 Jan 2026	UK£2.8b	UK£1.7b	-UK£163,427,448.80	24.8x	-17x	1.6x
Sat, 06 Dec 2025	UK£2.7b	UK£1.7b	-UK£166,210,037.04	23.4x	-16.1x	1.6x
Mon, 03 Nov 2025	UK£2.5b	UK£1.7b	-UK£170,438,416.88	25.4x	-14.7x	1.5x
Wed, 01 Oct 2025	UK£2.4b	UK£1.7b	-UK£162,338,801.20	20.2x	-14.6x	1.4x
Fri, 29 Aug 2025	UK£2.4b	UK£1.7b	-UK£145,994,777.60	21.3x	-16.6x	1.4x
Sun, 27 Jul 2025	UK£2.3b	UK£1.8b	UK£35.4m	21.3x	65x	1.3x
Tue, 24 Jun 2025	UK£2.0b	UK£1.8b	UK£34.8m	17.5x	56.7x	1.1x
Thu, 22 May 2025	UK£2.3b	UK£1.8b	UK£34.9m	14.8x	64.5x	1.3x
Sat, 19 Apr 2025	UK£2.0b	UK£1.8b	UK£34.4m	13.5x	57.4x	1.1x
Mon, 17 Mar 2025	UK£2.4b	UK£1.8b	UK£50.6m	10x	46.5x	1.3x
Wed, 12 Feb 2025	UK£2.4b	UK£1.8b	UK£49.4m	10.2x	49.2x	1.4x
Fri, 10 Jan 2025	UK£2.4b	UK£1.8b	UK£49.0m	9.5x	48.4x	1.3x
Sun, 08 Dec 2024	UK£2.7b	UK£1.8b	UK£50.4m	10.3x	53.7x	1.5x
Tue, 05 Nov 2024	UK£2.3b	UK£1.8b	UK£55.6m	10.3x	41.9x	1.3x
Thu, 03 Oct 2024	UK£2.2b	UK£1.8b	UK£56.6m	11.7x	39.5x	1.3x
Sat, 31 Aug 2024	UK£2.3b	UK£1.8b	UK£41.8m	22.4x	55.7x	1.3x
Mon, 29 Jul 2024	UK£2.5b	UK£1.6b	UK£10.6m	26.4x	239.8x	1.6x
Wed, 26 Jun 2024	UK£2.2b	UK£1.6b	UK£18.2m	15.8x	120.2x	1.4x
Fri, 24 May 2024	UK£2.4b	UK£1.7b	UK£3.5m	17.6x	688.3x	1.4x
Sun, 21 Apr 2024	UK£2.2b	UK£1.7b	UK£1.3m	16.1x	1685.1x	1.3x
Tue, 19 Mar 2024	UK£2.2b	UK£1.7b	UK£193.5m	8.4x	11.4x	1.3x
Thu, 15 Feb 2024	UK£2.4b	UK£1.7b	UK£190.8m	8.1x	12.5x	1.4x
Sat, 13 Jan 2024	UK£7.7b	UK£29.1b	UK£8.1b	5.8x	0.9x	0.3x
Mon, 11 Dec 2023	UK£7.6b	UK£29.1b	UK£8.1b	5x	0.9x	0.3x
Wed, 08 Nov 2023	UK£7.5b	UK£29.1b	UK£8.1b	4.8x	0.9x	0.3x
Fri, 06 Oct 2023	UK£7.5b	UK£29.1b	UK£8.1b	5.9x	0.9x	0.3x
Sun, 03 Sep 2023	UK£7.7b	UK£29.0b	UK£8.2b	3.8x	0.9x	0.3x
Tue, 01 Aug 2023	UK£7.7b	UK£29.4b	UK£8.2b	4.4x	0.9x	0.3x


GB Market	1.20%
Materials	3.65%
Metals and Mining	3.86%
Steel	1.23%
Copper	4.35%
Diversified Metals and Mining	3.82%
Gold	3.12%
Aluminum	0%	0
Silver	0%	0
Precious Metals and Minerals	-1.57%

Company	Last Price	7D	1Y	Valuation
HILS Hill & Smith	UK£30.30	1.2% +UK£27.4m	49.3%	PE28.7x
ECOR Ecora Royalties	UK£1.35	5.3% +UK£17.0m	85.2%	PE20.2x
SML Strategic Minerals	UK£0.036	2.9% +UK£2.8m	1,025.0%	PE3297.1x
CGO Contango Holdings	UK£0.0055	22.2% +UK£758.0k	-43.6%	n/a

Announcement • Jul 14

Ironveld Confirms Sustained Production And Provides Update On DMS Plant Product Output And Layer 21 Mineralogical Study

Ironveld confirmed that the plant has now entered sustained production, currently operating continuously for 16 hours per day on a double shift basis. Current processing throughput is between 2.5 to 3.5 tonnes per hour (tph), against a design level of 5 tph throughput. The plant is consistently producing an average of 1.4 tph of in-specification DMS grade Magnetite product, together with approximately 1 tph of Maghemite. Maghemite possesses valuable industrial properties and has established applications as a weighting material in drilling muds for the oil, gas, and mining industries. The successful recovery of this material could provide an additional revenue stream and further enhance the overall economics of the DMS plant. Plant parameters are currently being tuned with the objective of achieving 5 tph of throughput, while maintaining DMS Magnetite quality, by the end of July 2026. Ironveld reported strong commercial demand, with three clients already secured. Two of these clients, who received approximately 100 tonnes of material, have confirmed their satisfaction with the quality specification and continue to place repeat orders. The third client, a significant off-taker with a monthly consumption requirement of approximately 5,000 tonnes, is scheduled to receive its first batch of sample product shortly. All material is being sold at the projected pricing levels. Current stock on the ground of in-specification product is approximately 350 tonnes. Work on the Layer 21 core at Mintek, South Africa's national mineral research organisation, is progressing well and on schedule. Detailed examination and description of the core have identified sections of interest. Samples are currently being selected and will be prepared for scanning electron microscope (SEM) examination to determine the precise mineralogy and will subsequently be submitted to the laboratory for comprehensive grade analysis. Initial results are expected within 30 days, following which a process flow sheet will be developed and an economic analysis of the viability of processing the Layer 21 ore will be undertaken. Understanding the composition and variability of Layer 21 will inform future mine planning, potential by-product recovery and the possibility of selectively mining higher-value zones. Maghemite is a state of magnetite where the ore has undergone weathering and the ore has partially weathered from Fe304 (magnetite) to Fe2O3 (haematite). In Ironveld's case there is rubble or elluvial ore lying on surface adjacent to the main magnetite layers this rubble ore and certainly the first 1-2 meters of the outcropping ore contained some partially weathered areas maghemite content is about 19% of the magnetite. Generally, at a depth of 2 metres the maghemite decreases to irrelevant amounts. It is interesting to note that the oldest use of maghemite was in the recording industry where it formed the basis of magnetic tapes and recording media. It is also its used in the iron and chrome industries to upgrade final products, in particular ferro-chrome. In addition, it is used in the medical industry for MRI contrast and targeted drug delivery. It has an extensive use in the environmental industry to filter and purify waste water and is used in the pigment and ceramic industries. In the case of the DMS plant, the Maghemite reports to the waste stream from the magnetic separator which captures the highly magnetic magnetite. To enhance recoveries a secondary, more powerful magnetic separator could be installed.

Announcement • Jul 03

Strategic Minerals Provides Update on Redmoor Drilling Programme and Reports Drilling Results

Strategic Minerals provided an update on the ongoing infill drilling programme at its Redmoor Tungsten-Tin-Copper Project, located in Cornwall, UK, following the receipt of planning permission to expand the programme. Cornwall Council's Mineral Planning Officer, via delegated authority, has approved the planning permission for Cornwall Resources Limited's proposed expanded drilling programme. This allows the mobilisation of a further two drill rigs to Redmoor, with site setup expected to commence following the submission and approval of certain pre-commencement documentation by the Local Planning Authority. Up to three years of continuous operations are permitted, although the expanded drilling programme is currently planned to be completed in the Second Quarter 2027. The option to add a further drill rig to the programme later in the year is included, to further accelerate the programme. This programme is believed by the company to be the largest, continuous, diamond drilling programme to be undertaken in Cornwall. The company believes the expanded drilling programme will represent the largest, single, drilling programme undertaken in Great Britain this century. The company continues to add additional team members to enable effective programme delivery and to ensure that the high-quality of data collection is maintained. The current total planned drilling programme covers 22,500 m of drilling, across at least 44 drillholes, including infill drilling of the existing Resource, and designed to test the Exploration Target with the objective of potentially converting parts of the Exploration Target into Mineral Resources. Drilling will also integrate earlier sample and data collection for the bulk of the requirements for geotechnical, metallurgical and hydrogeological studies of the pre-feasibility/feasibility programme with the intention of accelerating data collection for full feasibility and to limit the need and size of further programmes in the future. Drillhole CRD044 was completed on 25 June at a depth of 526.10 m, having intersected the full thickness of the Redmoor Sheeted Vein System, and having intersected the Kit Hill granite at depth, with the intersection of a mineralised granite roof zone. This includes chalcopyrite and cassiterite mineralised vein structures within aplitic sheets in the upper 30 m of the granite body. Drillhole CRD044_D1 is underway and advancing. This hole is a daughter hole of CRD044, with a starting point from CRD044 at 195 m downhole. This hole is the first of a series of planned daughter holes, designed to collect metallurgical samples for the pre-feasibility/feasibility study stage of metallurgical testwork. CRL has initiated the drilling of CRD044_D1, which is planned as a daughter hole branching off the recently completed CRD044. This hole is designed to intersect the full extent of the SVS, from which representative samples will be selected and be used for metallurgical testwork, geotechnical testing, along with adding additional geochemical results for use in a future resource model. Currently, CRL has 248 samples from drillhole CRD042 awaiting finalisation at ALS Loughrea and a batch of 291 samples from CRD043 undergoing analysis. Furthermore, CRL has submitted an additional 59 samples from CRD001, sent on 1 June 2026, for analysis. CRL geologists are currently re-logging drillhole CRD016, drilled during the 2017-18 drilling campaign, with additional intervals already identified and selected for sampling and analysis at ALS Laboratories. The Redmoor Project is situated within the historically significant Tamar Valley Mining District in Cornwall, United Kingdom, with a JORC (2012) Compliant Inferred Mineral Resource Estimate published 26 March 2026: Resource category Domain Tonnage (Mt) NSR (USD/t) WO3 Eq grade (%) WO3 grade (%) Sn grade (%) Cu grade (%) Ag grade (g/t) Inferred Tungsten HGDs 7.304 990 0.98 0.83 0.12 0.53 7.0 Tin HGDs 1.95 2080 0.44 0.14 0.50 0.50 7.6 Cu Domain SVS 8.02 1960 0.40 0.28 0.13 0.34 4.3 Low Grade SVS 0.12 1250 0.25 0.17 0.10 0.16 2.7 Total Inferred 17.40 3240 0.65 0.49 0.17 0.44 5.8 Total Mineral Resources 17.40 3240 0.65 0.49 0.17 0.44 5.8. The preceding statement of Mineral Resources conforms to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) 2012 Edition. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

U.K. (FTSE) Steel Industry Analysis

Industry Valuation and Performance

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Latest News

Castings P.L.C., Annual General Meeting, Aug 20, 2026

HILS: Fiscal 2026 Execution And Peer Discount Will Shape Future Fair Value

Ironveld Confirms Sustained Production And Provides Update On DMS Plant Product Output And Layer 21 Mineralogical Study

ECOR: Critical Minerals Royalty Reconfiguration Will Support Future Cash Flow ReRating

New minor risk - Shareholder dilution

Strategic Minerals Provides Update on Redmoor Drilling Programme and Reports Drilling Results

New major risk - Share price stability