Steel plays a vital role as an enabler for transitioning to a CO2 neutral and circular economy. The fact that steel maintains its inherent properties, through multiple recycling loops, means it remains permanently available to the society. However, there are still some aspects of policy that fail to recognise and limit our contribution to a more circular economy. The main issues and proposed solutions are summarised below and further detailed in the attached paper sent to the open feedback consultation by the EU Commission.
These are the main areas covered in this position paper:
First quarter 2023 report. Data up to, and including, third quarter 2022
Brussels, 02 February 2023 – All downside factors that have materialised in the first half of last year have persisted, continuing to impact the European steel market. Apparent steel consumption is forecast to see a deeper-than-expected drop of -4.6% for 2022 (previously set at -3.5%). The outlook for 2023 also remains negative (-1.6%), paving the way for the fourth steel demand recession in five years. A modest recovery will be in sight in 2024 (+1.6%), though subject to high uncertainty. Despite a more general resilience of the EU economy, in the third quarter of 2022 apparent steel consumption reached its lowest level after the pandemic.