The steel industry has had a longstanding presence in Europe and remains an important employer of skilled labour. Furthermore, the industry also supports significant activity and jobs in a range of other industries throughout the EU, as a result of the large amount of money spent on the materials and services used in the steel production process. Crucially, steel makes a powerful contribution to the continent’s standard of living, by forming a key input in the work of other industrial sectors. In turn, many of these customer industries produce items essential for the functioning of the wider EU economy.
In 2017, the European steel industry made a €25 billion direct contribution to the standard ‘gross value added’ measure of EU-wide production (hereafter referred to as GVA). However, the industry’s total GVA impact that year, when supply chain and staff spending impacts are also included, was much higher, at €148 billion. This overall contribution exceeded the total GVA produced in the region of Berlin in 2017.
Late April and early May 2021 have seen record rises in the price of EU emission Allowances (EUAs), reaching €50 per tonne of CO2.
Brussels, 06 May 2021 – The European Steel Association (EUROFER) welcomes the release of the EU’s updated industrial policy strategy, and the inclusion of a specific analysis on steel. It shows the EU’s support for sectors, such as steel, that are strategic to the European economy and that are pushing to rally and decarbonise in the post-COVID era, but that are dependent on an enabling framework preventing carbon leakage.
Second quarter 2021 report. Data up to, and including, fourth quarter 2020.