{
  "query": "UK construction cost and schedule overrun trends 2024-2026 steel industry benchmarks",
  "claims": [
    {
      "claim": "In the 12 months leading to December 2024, the UK construction industry saw a 3.4% growth in the all-Construction Output Price Index, with new work output prices specifically increasing by 3.7%.",
      "verbatim_quote": "In the 12 months to December 2024, there was growth in the all-Construction Output Price Index of 3.4%. At the lower level, repair and maintenance, and new work output prices increased across the 12 months to December 2024 by 2.7% and 3.7%, respectively.",
      "source_url": "https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/2024",
      "relevance": "high"
    },
    {
      "claim": "Energy costs represent a significant portion of steel production expenses, accounting for 20% to 40% of total costs, which impacts the cost base of companies.",
      "verbatim_quote": "With energy costs accounting for 20%-40% of total steel production costs, the price shock following the start of the Russia-Ukraine war in 2022 had a negative effect on companies’ cost base.",
      "source_url": "https://www.tmhcc.com/en/news-and-articles/thought-leadership/trade-credit-uk-metals-sector-report-2025",
      "relevance": "medium"
    },
    {
      "claim": "UK industrial electricity costs are 46% higher than the International Energy Agency’s median, contributing to cost pressures in the steel sector.",
      "verbatim_quote": "the UK has the highest industrial electricity costs in the G7; prices stand 46% above the International Energy Agency’s median",
      "source_url": "https://www.tmhcc.com/en/news-and-articles/thought-leadership/trade-credit-uk-metals-sector-report-2025",
      "relevance": "medium"
    },
    {
      "claim": "As of Spring 2026, project delivery in the UK construction sector is being slowed by affordability pressures and delayed investment decisions.",
      "verbatim_quote": "While the pipeline of future work is growing, affordability pressures, regulatory hurdles, and delayed investment decisions continue to slow project delivery.",
      "source_url": "https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026",
      "relevance": "high"
    },
    {
      "claim": "The UK steel market is projected to grow at a CAGR of 4.01% from 2026 to 2034, reaching a value of US$ 82.49 billion.",
      "verbatim_quote": "The UK steel market is anticipated to surge from US$ 57.91 Billion in 2025 to US$ 82.49 Billion in 2034... The market is expected to grow at a CAGR of 4.01% from 2026-2034",
      "source_url": "https://www.globenewswire.com/news-release/2026/04/29/3283507/0/en/united-kingdom-steel-industry-report-2026-now-available.html",
      "relevance": "medium"
    }
  ],
  "market_context": "- [HIGH] In the 12 months leading to December 2024, the UK construction industry saw a 3.4% growth in the all-Construction Output Price Index, with new work output prices specifically increasing by 3.7%. (source: https://www.ons.gov.uk/businessindustryandtrade/constructionindustry/articles/constructionstatistics/2024)\n- [MEDIUM] Energy costs represent a significant portion of steel production expenses, accounting for 20% to 40% of total costs, which impacts the cost base of companies. (source: https://www.tmhcc.com/en/news-and-articles/thought-leadership/trade-credit-uk-metals-sector-report-2025)\n- [MEDIUM] UK industrial electricity costs are 46% higher than the International Energy Agency’s median, contributing to cost pressures in the steel sector. (source: https://www.tmhcc.com/en/news-and-articles/thought-leadership/trade-credit-uk-metals-sector-report-2025)\n- [HIGH] As of Spring 2026, project delivery in the UK construction sector is being slowed by affordability pressures and delayed investment decisions. (source: https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026)\n- [MEDIUM] The UK steel market is projected to grow at a CAGR of 4.01% from 2026 to 2034, reaching a value of US$ 82.49 billion. (source: https://www.globenewswire.com/news-release/2026/04/29/3283507/0/en/united-kingdom-steel-industry-report-2026-now-available.html)"
}