Press releases

The European Steel Association regularly issues press releases on a range of topics


Press release in focus

Steel market outlook deteriorates further in aftermath of worse-than-expected recession

The outlook for the European steel market in 2024 continues to lose momentum amidst persisting challenging conditions. Downside factors such as worsening geopolitical tensions, coupled with growing economic uncertainty, energy prices, inflation, interest rates have further impacted demand prospects. According to EUROFER’s latest Economic and Steel Market Outlook, these challenges have exacerbated the negative effects on apparent steel consumption, resulting in a more severe downturn in 2023 than previously projected (-9%, instead of -6.3%) and weaker growth in 2024 (+3.2%, instead of +5.6%). Output in steel-using sectors, despite showing more resilience than expected in the past year (+1.1%), is now set to decline (-1%). Imports are once again on the rise (+11% in the last quarter of 2023), capturing a staggering 27% market share throughout 2023.

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Published: 07 February 2020. Most recent update: 17 February 2020.

The European Steel Association (EUROFER)
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Phone: +32 (0) 2 738 79 20