HE European steel industry will grow 5.6% this yearThat’s two points below the last forecast, in a context where steel-consuming industrial sectors were assumed to increase their output by just 0.2%, according to European steel industry association Eurofer.
The European steel industry therefore warns: “The expected recovery in the steel market in 2024” will “slow down”with “less significant improvement” during this exercise.
This perception will have immediate effects in Asturias, with ArcelorMittal deciding in the coming weeks, based on orders and other visible demand data, whether to paralyze one of the two Gijón blast furnaces from April, as stated in its plan. for the year.
Aditya Mittal, CEO of the multinational, said on Friday: “In the future, a more positive situation And although “a marginal decline in demand is expected, especially in relation to construction,” what is predictable is that “as many ‘stocks’ are depleted, demand should increase” between 2% and 4%, according to finance director Genuino Christino.
However, given the prolongation of imports of high-carbon steel from outside the EU (they account for a 27% share in the EU despite the weakness of the market exceeding historical levels) and the persistence of carbon excess, Eurofer CEO Axel Eggert said that “there is an urgent need for a global capacity” he called for. A European industrial agreement is essential if we want to secure the future of the steel industry. and the entire value chain in the EU”.
According to Eurofer, the improvement in apparent steel consumption in the first quarter may occur this quarter; but “the outlook remains very uncertain,” meaning that despite this year’s recovery of 5.6%, “consumption volumes will remain well below pre-pandemic levels,” the employers’ association stated.