WV Stahl, basing its forecast on Worldsteel's short-term reports, stated that no recovery is expected in 2024, while only limited growth of less than 6% is anticipated for 2025.
Dr. Martin Thüringer, General Manager of WV Stahl, made striking statements about the concerning situation in Germany's steel sector. Thüringer indicated that with the expected decline next year, the country's steel demand will decrease to 26 million tons. He emphasized that this level would be about 10% lower compared to the global economic crisis period, drawing attention to the serious contraction in the sector.
The German steel industry has been experiencing a significant decline in recent years. According to data released by WV Stahl, the country's steel market volume has shrunk by a striking 35% since 2017. This decline is more than double the contraction observed across the European Union. However, global steel demand followed a different trajectory during the same period. Led by countries such as China and India, world steel demand increased by 7%.WV Stahl stressed the need for urgent economic measures to reverse this negative trend in Germany. Association officials emphasized that government support is needed to revitalize the steel sector.
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