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EUROFER on the Global Forum on Steel Excess Capacity
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EUROFER calls on the Members of the Global Forum on Steel Excess Capacity to agree on a continuation of the forum’s mandate beyond November 2019. Continued international work on excess capacity and related government support measures would contribute to the sustainability of our global industry. Beyond steel, it could effectively contribute to increased transparency and improved disciplines in government trade and industry policies, establishing a genuine international level playing field for industries.
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Brussels, 03 May 2023 – The year 2022 came to a close with a sharper-than-anticipated recession in apparent steel consumption (-7.2%) as steel demand shrank significantly, due to the energy crisis and the impact of the war in Ukraine. Although the worst seems to be over after the fourth quarter of 2022, apparent steel consumption is still projected to be negative (-1%) in 2023, before rebounding in 2024 (+5.4%). However, high uncertainty continues to cast a shadow on the outlook for 2023, which remains bleak. Although steel imports have decreased in tandem with demand, their market share is still historically high (23.4%).
Second quarter 2023 report. Data up to, and including, fourth quarter 2022
Joint industry statement