The year 2020 has clearly not gone as hoped, having been dominated by the pandemic and its impact on people, societies and the global economy. Our thoughts are with those who cannot celebrate with their loved ones this year, but also those facing hardship and the loss of friends or family to the virus.

The European economy has been sharply hit by the crisis. The EU's Autumn 2020 economic forecast, released on 5 November, estimates that the economy of the Union will have contracted by 7.4% over 2020. Growth is expected to return in 2021, but output in both the euro area and the EU is not expected to recover to its pre-pandemic level before 2022.

Output in steel-using sectors, such as construction, mechanical engineering and automotive, is estimated to have contracted by between 5-20% over the year - though this is expected to represent the nadir of the cycle. The net effect for the steel industry is that the total decline in apparent consumption in 2020 will be a drop of nearly 15%, following on from the 5% contraction in 2019.

Together, this difficult period means it is essential to invest in building the recovery - a green and fair return to growth. This means setting out the framework for how the steel industry can return to a sure footing - and how and where it should invest in its low-carbon transition. This framework needs to factor in climate, energy, research, trade and circular economy policies.

Pushing for this framework to be erected will form the basis of much of EUROFER's work in 2021 - and I hope to be able to share reports on our progress with you over the coming year.
In the meantime, I would like to thank you for your interest and cooperation in 2021, and wish you a pleasant Christmas and New Year holiday.