Regarding the European Union (27 countries) and the United Kingdom, although the EU economy rose by 3.5% in 2022 and avoided recession, industrial activities were severely affected by high energy costs, which led to a considerable contraction in steel demand in 2022.
In 2023, the EU steel industry will continue to be affected by issues such as supply chain bottlenecks. After falling by 7.9% in 2022, steel demand in the EU will continue to fall in 2023, with a drop of 0.4%, but is expected to rebound by 5.6% in 2024.
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