The only rolled steel producer in Serbia has announced its intention to restart one of the two blast furnaces suspended since July 2022 due to the decline in demand and steel prices, from March 13, 2023.
At the end of 2022, approximately 14-15 million tons of annual steel capacity in Europe has been stopped. EU steel companies have been affected by the sharp increase in energy prices and the decline in steel demand and prices. To contain the sharp drop in prices, companies decided to cut production to balance supply and demand.
In early 2023, flat steel prices across Europe started to recover due to tight supplies and active restocking. The revival of the market has contributed to the restoration of steel production capacities of European steelmakers. Finland's SSAB, Netherlands' Tata Steel, Slovak USA's Steel Kosice, Romania's Liberty Galati, and others also reported that capacities were restarted.