2020 started badly for European metallurgy. Later it only got worse. Although the production and consumption of steel in the world is increasing every year, in the European Union it is falling, and the coronavirus has exacerbated this trend.
- In the European Union, the decline in actual steel consumption was 26.4% on an annualized basis. According to forecasts, the current quarter is expected to be bad – still a decline, but “only” by 13.3 percent.
- Analyzing the state of the most metal-intensive industries, Worldsteel predicts that the coronavirus crisis will not affect the construction industry as much as the financial crisis a decade ago, but companies’ financial problems will reduce spending on new investments.
- The European steel industry also remains concerned about market destabilization due to cheaper steel imports, especially from Turkey and Russia.