In February 2023, steel production in Austria decreased by 10.4% compared to the previous month and by 11.3% compared to February 2022. In the January-February 2023 period, the country's steel production decreased by 11.2% compared to the same period of 2022. Similarly, steel production in the European Union decreased by 12.6 percent in February 2023 compared to February 2022, and decreased by 14.3 percent in the January-February 2023 period compared to the same period of the previous year.
In 2022, Austrian and European steelmakers reduced their steel production due to increasing electricity tariffs and unfavorable market conditions, but restarted the discontinued capacities towards the end of 2022 and the beginning of 2023 as steel demand and product prices began to increase.
At the end of 2022 - the beginning of 2023, EU steelmakers started to restart capacities that were discontinued as apparent demand for steel and product prices increased and costs of energy sources decreased and stabilized. In addition, the industry anticipates further growth in demand for steel products.
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