European steel exports hit by a 3% decline in 2023

Eurofer, the European Steel Association, reported that steel production in 2023 decreased by 7.4% to 126.3 million tonnes compared to 2022, and accordingly, exports decreased in the same year. It was noted that there was a remarkable decrease of 22% in hot rolled steel exports.

The United Kingdom, Türkiye, the United States, Switzerland, Egypt and Ukraine, which account for 55 percent of the European Union's total exports of finished products, are the main destinations for exports. It is argued that the decline in steel exports by the EU is among the reasons for the fall in steel consumption. According to the Steel Association, steel consumption in the EU in 2023 decreased by 6.3% to 129 million tonnes. Compared to the uncertain steel demand in Europe, exports of rebar and steel plate increased by 41% and 13%, respectively, in 2023. In January-November of the same year, wire rod exports decreased by 9%, among the steel product data recorded.