European Steel Association EUROFER announced that the positive trend in steel demand & apparent steel consumption observed in the first three quarters of 2021 persisted in the fourth quarter, although at a slower pace. At the same time, throughout 2021 EU steel imports increased massively by 32%. However, soaring energy prices, ongoing disruptions in global supply chains & the shock due to the war in Ukraine are set to weigh heavily on the outlook for 2022, potentially resulting in the third contraction of steel consumption by 1.9% over the past four years. EUROFER Director General Mr Axel Eggert said “The evolution of the steel market for 2022 and 2023 remains subject to a high level of uncertainty, which is likely to continue to undermine demand from steel-using sectors. In the current context, amidst a worsening energy crisis and shortages in raw materials, we cannot exclude a new recession or a stagflation scenario.”EUROFER said “Steel consumption strongly rebounded in 2021 by 15.2%, after the deep slump of 10.7% experienced in 2020 caused by the pandemic. However, this trend is expected to reverse in 2022 with a new recession, albeit milder at negative 1.9%, followed by recovery in 2023 by 5.1%. High uncertainty is set to last at least until the end of 2022, subject to developments around of Russia’s invasion of Ukraine, which as of now remain unpredictable, and its consequences on global supply chains.”EUROFER said “Despite soaring energy prices over the second half of the year, component shortages and lower output weighing in particular on the automotive sector, total output in steel-using sectors in 2021 marked a rebound of 7.3% after the pandemic de growth of 8.4% in 2020. However, it considerably slowed down in the fourth quarter to 0.7% and in the third to 2.2%, after the rally in the second at 26.3%. The rapid deterioration of the global situation following Russia’s invasion of Ukraine has cast further shadows on the steel-using industries’ outlook. As a result, growth in output is expected to be halved in 2022 to 2% as compared to 4% and to remain modest in 2023 at 2.3%.”EUROFER AISBL is located in Brussels and was founded in 1976. It represents the entirety of steel production in the European Union. EUROFER members are steel companies and national steel federations throughout the EU. The major steel companies and national steel federation of Turkey and the United Kingdom are associate members.
European Steel Association EUROFER announced that the positive trend in steel demand & apparent steel consumption observed in the first three quarters of 2021 persisted in the fourth quarter, although at a slower pace. At the same time, throughout 2021 EU steel imports increased massively by 32%. However, soaring energy prices, ongoing disruptions in global supply chains & the shock due to the war in Ukraine are set to weigh heavily on the outlook for 2022, potentially resulting in the third contraction of steel consumption by 1.9% over the past four years. EUROFER Director General Mr Axel Eggert said “The evolution of the steel market for 2022 and 2023 remains subject to a high level of uncertainty, which is likely to continue to undermine demand from steel-using sectors. In the current context, amidst a worsening energy crisis and shortages in raw materials, we cannot exclude a new recession or a stagflation scenario.”EUROFER said “Steel consumption strongly rebounded in 2021 by 15.2%, after the deep slump of 10.7% experienced in 2020 caused by the pandemic. However, this trend is expected to reverse in 2022 with a new recession, albeit milder at negative 1.9%, followed by recovery in 2023 by 5.1%. High uncertainty is set to last at least until the end of 2022, subject to developments around of Russia’s invasion of Ukraine, which as of now remain unpredictable, and its consequences on global supply chains.”EUROFER said “Despite soaring energy prices over the second half of the year, component shortages and lower output weighing in particular on the automotive sector, total output in steel-using sectors in 2021 marked a rebound of 7.3% after the pandemic de growth of 8.4% in 2020. However, it considerably slowed down in the fourth quarter to 0.7% and in the third to 2.2%, after the rally in the second at 26.3%. The rapid deterioration of the global situation following Russia’s invasion of Ukraine has cast further shadows on the steel-using industries’ outlook. As a result, growth in output is expected to be halved in 2022 to 2% as compared to 4% and to remain modest in 2023 at 2.3%.”EUROFER AISBL is located in Brussels and was founded in 1976. It represents the entirety of steel production in the European Union. EUROFER members are steel companies and national steel federations throughout the EU. The major steel companies and national steel federation of Turkey and the United Kingdom are associate members.
