The first quarter of 2023 is down on the previous year, but it’s less than expected, remembering that the first half of 2022 was still in the post-Covid construction boom.

Year-on-year, Q1 sales of steel lintels were down around 20% but those numbers are a little misleading. In Q1 2022, a lot of merchants were stocking up as prices were rising quickly because of Russia’s invasion of Ukraine. Comparing Q1 2023 results with Q3 2022 gives a fairer picture of the state of play, and while this shows the market is down around -10%, it’s not as bleak as the year-on-year figures suggest.

The biggest issue for the steel lintel market is the slowdown in housebuilding. There was a notable rebound in February and March from the sharp drop off in housebuilding seen at the end of last year, but the number of units sold per site are around -20% down from the peak. New starts dropped by half, and with high inflation and interest rates impacting affordability and consumer confidence, it may be some time before we see the return of meaningful growth.

Projects which start in the second half of 2023 will have to comply with the new Building Regulations 2022, which will apply to all projects from 15 June 2023. We expect to see a spike in demand for energy saving products such as thermal performing lintels and wider cavities. We are advising merchants to review their stock levels and stockholding ahead of June, so the right lintels are available for their customers.

Sustainability is a Key area for Keystone, in terms of our offer and our own business operations. We are committed to reducing emissions in our own operations by 60% by 2030, in line with the Climate Change Council’s ambitions. This pledge builds on the work we have already completed such as ensuring our Keystone packaging is fully recyclable, using renewable energy throughout our manufacturing, opting for electric forklifts and hybrid-electric cars, and switching to LED lighting.

We hope to lead by example, showing our industry peers, partners and customers what can be achieved when you fully commit to reducing your carbon footprint.