Data released at the OECD meeting in Paris show that global steel overcapacity will increase from 602 million tons in 2024 to 721 million tons by 2027. This increase is more than five times the EU's total steel production, posing a major threat to European steelmakers.
Axel Eggert, EUROFER Director General, stated that global steel overcapacity is worsening and the EU's current security measures are insufficient to counter this threat. “The EU's safeguards for the steel market are ineffective in closing the gap between imports and actual demand. The European Commission should put in place a swift and effective trade protection mechanism in line with the European Steel and Metals Action Plan,”
EUROFER highlighted the negative impact of the US steel import tariffs and the global steel oversupply on the European market and emphasized that stricter trade measures should be implemented in order to maintain the competitiveness of the sector.
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