Wolfgang Eder, Voestalpine AG (VOE)’s chief executive officer, said that there is at least 20 percent of overcapacity on the steel market in western Europe, Frankfurter Allgemeine Zeitung reported, citing an interview.

Eder told the German newspaper that 210 million tons of steel could be produced in the European Union each year while the actual need is only 150 million tons to 160 million tons. European steel companies will face competition from Turkey, Russia and Ukraine in the future, Eder said.