According to the report, Russia and Ukraine are major exporters of steel in the European Union (EU) before the Russo-Ukrainian War, which accounted for 20% of EU imports of finished steel products. The European Steel Association (Eurofer) explained that Taiwan and South Korea currently replaced Russia and Ukraine among the EU's main finished steel suppliers in 2022.

Turkey, India, China, Taiwan, and South Korea are currently the leading steel suppliers to the EU, which accounted for 51% of their total exports to the EU. Some market participants estimated that global steel consumption in 2022 decreased by 2.0% to 1.795 billion tons compared to last year's period. In 2023, the global steel demand will increase by 0.4% to 1.801 billion tons year on year.