In 2022, global steel production decreased by 4.3% year on year to 1.83 billion tons. Among them, EU steel production fell by 10.5% year-on-year to around 137 million tonnes. The decline may be caused by the war between Russia and Ukraine, which has greatly affected energy prices.
EU steel production and apparent consumption are forecast to decline by 0.6% and 1.6% respectively in 2023. By 2024, steel production and apparent consumption will grow by 1.8% and 1.6%, respectively.
Steel demand for the construction industry could decline by 1.6% in 2023 and rise by 1.6% in 2024. Meanwhile, steel demand in the automotive industry will rise by 1.1% this year and decline slightly by 0.6% in 2024.
Steel production and consumption in the EU will decrease in 2023
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