These industries, which have created more than 13 million jobs in the automotive industry and 2.5 million in the steel industry, are driving innovation and technological progress across all supply chains, the statement said.
The interdependence of steel and the automotive industry
Highlighting the interdependence between the two sectors, the statement notes that the automotive industry is the second largest consumer of steel in Europe, while a significant portion of the steel industry's research and development is devoted to automotive applications.
However, both industries face overlapping challenges - a global glut of steel capacity, high energy and carbon costs, and weak domestic demand - while Europe's automotive market continues to slowly recover from the pandemic.
"Time to turn ambitions into concrete measures"
After several rounds of strategic dialogues with the European Commission, ACEA and EUROFER said it was time to translate their ambitions into concrete measures to restore competitiveness. "Strong domestic steel production is vital for the sustainability of the EU automotive supply chain," Henrik Adam,
