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The impact of the European steel industry on the EU economy
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Oxford Economics and EUROFER have just released the Impact of the European Steel Industry on the EU Economy: An updated and extended analysis study. Commissioned by EUROFER, the study broadens and updates the analysis first conducted for the Association in 2017 and published in 2018. The study finds new figures for total employment, now 2.6 million direct, indirect and induced jobs for the sector. The steel industry’s Gross Value Added is now €148 billion overall, with a new tax revenue impact of €60 billion. The tax assessment is an addition to this report over the previous edition. The jobs multiple for the sector is nearly 8x, going down into customer sectors that are also analysed in this report for the first time.
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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