Armor plate and slips constrain maximum warship output

What would limit maximum British construction of major warships in the early twentieth century?

The decisive bottlenecks would be armor-plate supply and the number of suitable building slips; many other constraints could be worked around.

Shipbuilding capacity is not simply a count of yards or workers. Major warships require heavy armor plate in quantities that ordinary steel production cannot immediately replace. They also need slips large and strong enough to carry the hull through construction. Armor production and suitable building berths are the hard resources that cannot be expanded or substituted quickly when capital-ship orders surge.