In 2022, global steel production decreased by 4.3% year on year to 1.83 billion tons. Among them, the steel output from the EU dropped by 10.5% from the previous year to about 137 million tons. The decrease might be caused by the Russia-Ukraine war, which greatly impacted energy prices.

The EU’s steel production and apparent consumption in 2023 were forecasted to decrease by 0.6% and 1.6%, respectively. Entering 2024, the steel output and apparent consumption would grow by 1.8% and 1.6%, respectively.

The steel demand for the construction industry might decrease by 1.6% in 2023 and rise by 1.6% in 2024. Meanwhile, the automotive industry demand this year would go up by 1.1% and slightly decrease by 0.6% in 2024.