World Steel Association: Steel Demand In The EU To Extend Declines In 2023 Before Robust Recovery In 2024

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.