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EU steel demand to shrink in 2023

Negative trends in 2022 are deepening despite economic resilience, steel demand will also shrink in 2023.

EU steel demand to shrink in 2023
All the negative factors that took place in the first half of last year continue to affect the European steel market.
Steel consumption expected for 2022 is forecast to be -3.5%, while it is forecast to see a deeper-than-expected decrease of -4.6%.
The outlook for 2023 also remains negative (-1.6%). Although subject to high uncertainty, a moderate recovery will be seen in 2024 (+1.6%).
Despite a more general resilience of the EU economy, apparent steel consumption in the third quarter of 2022 reached its lowest level since the pandemic.

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