[SMM Steel] Eurofer warns of "existential threat" as global steel overcapacity hits record 2.4 billion mt

Published: Mar 31, 2026 17:41

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[SMM Steel] The European Steel Association (Eurofer) issued an urgent call for the EU to implement a new steel trade measure, citing a "deepening global crisis." According to the latest OECD data, global steelmaking capacity has reached a record 2.4 billion mt, with excess capacity surging to 640 million mt in 2025 - exceeding total OECD production by over 200 million mt. Eurofer Director General Axel Eggert described the situation as an "existential threat" to European jobs and investment, urging negotiators to finalize a robust tariff-rate quota (TRQ) system before the current safeguards expire in June 2026.

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