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The 'Future Capacities and Capabilities of the UK Steel Industry' study also recognises barriers that the sector is working to overcome, with significant progress already made to tackle global over-capacity in the steel market.
An extended pipeline of steel procurement has also been released, which states three million tonnes of steel is to be used in government infrastructure projects by 2021.
Minister for Climate Change and Industry Claire Perry said: "Through our modern Industrial Strategy, the government has been clear that we will do everything we can to support our steel industry. The capability and capacity report identifies high value opportunities for the sector worth nearly £4 billion.
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"The steel pipeline shows our commitment to using UK steel for infrastructure projects and we want UK companies big and small to be strong competitors for government contracts."
Much of the steel will be used across the UK in projects such as High Speed 2 (HS2) and the construction of Hinkley Point C.
The pipeline will allow steel companies to better plan for the long term, helping large and small manufacturers to compete effectively for government contracts.
General Secretary of Community the steelworkers' union, Roy Rickhuss, said: "Community welcomes the 'Future Capacities and Capabilities' report. This will help us all better understand the opportunities and challenges facing the UK steel industry.
"We also welcome the new procurement pipeline, which will assist steel companies in planning and investing for the future.
"The UK steel industry has enormous potential, and we urge government and steel companies to continue working with the unions to secure a sustainable future for UK steelmaking. Crucial to this future will be the successful conclusion of a 'sector deal' for our industry, which will unlock investment and safeguard thousands of jobs across the UK."
To view the Future Capacities and Capabilities report, visit here.
(LM/MH)
