Global economic growth of around 3% did not translate into steel demand as expected, particularly due to limited increases in industrial production in Europe and China. This led to a volatile outlook dominating the sector throughout the year.
While global demand in the stainless and electrical steel segments increased by 3–3.5% on an annual basis, high production levels in China and weak domestic demand resulted in a continued supply surplus. These developments intensified competition in international markets and continued to put pressure on prices. Although low nickel prices provided some relief on the cost side, they were also among the factors limiting the recovery of final product prices.
From a regional perspective, industrial production in the European market grew by around 1%, while stainless steel demand remained weak across many end-use sectors. In particular, the cautious outlook in key consuming industries such as automotive and construction put pressure on demand. In contrast, the Brazilian market showed a more positive performance, supported by restocking activities and biofuel investments, helping to support the company’s regional balance.
Among the company’s strategic priorities, sustainability and low-emission production practices continued to hold an important place. Aperam maintained its investments aimed at increasing recycling rates, improving energy efficiency, and reducing carbon emissions, while continuing to place the circular economy approach at the center of its business model. Progress was made toward the 2030 and 2050 climate targets defined within this scope.
Overall assessments showed that Aperam delivered a balanced performance in 2025 despite challenging global market conditions, maintained its operational resilience, and continued to support its long-term growth potential through sustainability-focused strategies.
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