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Steel, the Backbone of Sustainability in Europe
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Modern society would be impossible without steel. The European Steel Industry Vision is based on the decisive contribution of steel to European socio-economic growth and sustainable production, as well as the Circular Economy, which is expected to become even more important in the future.
In the short term, the sustainability of the European steel industry will depend upon meeting the formidable challenge of remaining economically viable against a background of excess global supply.
In the short, medium and long term, the European steel industry:
Steel has significant social value and is by far one of the most important, multi-functional and adaptable materials.
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Brussels, 12 November 2024 - Ahead of Commissioner-Designate Séjourné’s hearing in the European Parliament, European steel social partners, supported by cross-party MEPs, jointly call for an EU Steel Action Plan to restore steel’s competitiveness, and save its green transition as well as steelworkers’ jobs across Europe.
Brussels, 29 October 2024 – The European steel market faces an increasingly challenging outlook, driven by a combination of low steel demand, a downturn in steel-using sectors, and persistently high import shares. These factors, combined with a weak overall economic forecast, rising geopolitical tensions, and higher energy costs for the EU compared to other major economic regions, are further deepening the downward trend observed in recent quarters. According to EUROFER’s latest Economic and Steel Market Outlook, apparent steel consumption will not recover in 2024 as previously projected (+1.4%) but is instead expected to experience another recession (-1.8%), although milder than in 2023 (-6%). Similarly, the outlook for steel-using sectors’ output has worsened for 2024 (-2.7%, down from -1.6%). Recovery projections for 2025 are also more modest for both apparent consumption (+3.8%) and steel-using sectors’ output (+1.6%). Steel imports share rose to 28% in the second quarter of 2024.
Fourth quarter 2024 report. Data up to, and including, second quarter 2024