Tokio Marine HCC’s UK Steel Sector Report says H2 2026 will be the UK steel industry’s most challenging operating period since early 2022. The Iran conflict has pushed UK industrial electricity to a 77% premium over French and German competitors, up from around 25% before late February. Credit risk is rising as cost pressures, weaker demand and tighter financing conditions affect the sector. The report says this risk is concentrated among downstream fabricators on fixed-price contracts, while UK construction is experiencing its most sustained downturn since the global financial crisis. To read the report, go to https://www.tmhcc.com/en/news-and-articles/thought-leadership/uk-steel-sector-report.