Mounted police stopped traffic as the new Master Cutler led a procession across Church Street during his installation ceremony.
David Grey MBE and top-hatted members of the Cutlers’ Company walked from the Cutlers’ Hall to Sheffield Cathedral for a service - continuing a tradition dating back 390 years.
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They were joined by a host of establishment figures including the Lord Lieutenant, High Sheriff, several Mayors, Sheffield City Council leader Julie Dore and 347 Freemen and guests.
They were greeted by the dean, vice-dean and canon.
Earlier, Mr Grey had been given the badge of office by outgoing Master Tony Pedder.
In a speech he said he was conscious of the standards set by his predecessors, who were all united by three passions - manufacturing, the Company and Sheffield.
He added: “In 2008 all the major parties declared their undying love for manufacturing as the only sensible way to rebalance the economy.
“My real concern is that as the economy starts to improve and the financial sector picks up the Government loses the motivation to continue the necessary changes to support manufacturing.
“We must not let that happen.”
Mr Grey, the founder of OSL Holdings - a group of six manufacturing companies - said he and wife Ruth had taken the year off work to devote themselves to the position - which involves hundreds of appointments.
He added: “We will only decline an invitation if we have already accepted one.”
He also revealed Help for Heroes was one of his charities for the year - chosen after one of his sons was injured while serving as a Royal Marine Commando in Afghanistan.
The Cutlers Company was formed in August 1624 to protect the city’s craftsmen – ensuring marks were registered, apprentices engaged, blades made correctly and the rules of business adhered to.
It now represents the region’s manufacturers.