Belgium reduced steel production in February

Steel production in Belgium in the January-February 2023 period amounted to 1.12 million tons, which is 1.3% less than the same period of 2022.

In 2022, Belgian steelmakers reduced their steel production by 0.4% compared to 2021 to 6.94 million tons. In December 2022, 667,000 tons of steel were produced, an increase of 13.8% compared to the previous year and 28.3% compared to the previous year.

Overall, steel production in the European Union countries decreased by 12.6 percent to 10.5 million tons in February 2023 compared to February last year. In January-February 2023, 20.7 million tons of steel were produced in the EU, a level 14.3 percent lower than annualized.

In the second half of 2022, European steelmakers drastically reduced their production capacities due to increasing electricity tariffs and unfavorable market conditions. At the same time, the European market was filled with imported steel products, which attracted consumers at lower prices than local prices.

At the end of 2022 and the beginning of 2023, EU steelmakers began to resume capacities that had been discontinued as the apparent demand for steel and product prices increased and the costs of energy sources decreased and stabilized. In addition, the industry anticipates further growth in demand for steel products.