According to the latest data released by the European Automobile Manufacturers' Association (ACEA), car sales in Europe fell by 19% in March from the previous month, the ninth straight month of decline, and overall sales fell by 11% in the first quarter.
Car harness suppliers in western Ukraine have been forced to cut production because of the conflict between Russia and Ukraine. In addition, the European auto industry is still facing a shortage of semiconductors, which has been severely affected by supply chain problems.
Steel consumption was expected to fall after carmakers including Volkswagen, BMW, and Porsche announced they would suspend production at some domestic plants.
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