The European Steel Association (EUROFER) indicated that the performance of the EU steel industry in the first quarter of 2022 slowed compared to 2021, predicting a bleak outlook for European steel markets this year.
The outlook for steel demand remains highly uncertain due to the ongoing energy crisis, inflation, supply chain disruptions. EUROFER believes that this uncertainty will continue into at least the first quarter of 2023, depending on how the Russian-Ukrainian war develops and how it affects global supply chains.
As a result, production in the steel industries is halved by 2022 compared to EUROFER's previous forecast. Year-on-year growth is now projected at 1.1%, compared to the earlier growth forecast of 2%.
EUROFER: Dim prospects for EU steel industry this year
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