Crude steel production in the European Union, which includes Germany and Italy, two of the world's leading steel producers, and a total of 27 countries, will continue to decline in the period 2023-2024, according to the announced data.
1.4% decrease in the first quarter
Production in the European Union fell by 1.4% year-on-year to 33.0 million tons in the first quarter of 2024 (January-March).
8.4% increase in Germany 12.6% decrease in Italy
Germany, which plays an important role in the European Union's steel industry, recorded an annual increase in its crude steel production of 8.4% in March and increased its production to 3.5 million tons. In Italy, another important country for Europe, annual crude steel production fell by 12.6% to 1.91 million tons.
Sources speaking to SteelRadar stated that Germany's steel demand will not gain a dramatic acceleration before 2025 and will delay the economic recovery of other regions. Martin Theuringer from WV Stahl shared his predictions about the situation of the EU and especially Germany in the steel market in the coming period. "The weak recovery of the EU, and especially Germany, contrasts with the US, where steel consumption is expected to increase by 20% between 2020 and 2025," he said.
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