The EU is rebuilding its steel supply chains

According to the latest data, Russia and Ukraine were the main steel exporters of the European Union (EU) before the Russia-Ukraine crisis, accounting for 20% of EU imports of final steel products. The European Steel Association (Eurofer) has announced that Taiwan and South Korea have replaced Russia and Ukraine as the main final steel suppliers to the EU in 2022.

Turkey, India, China, Taiwan and South Korea are currently considered to be the leading steel suppliers of the EU and account for 51% of their total exports to the EU. Some market participants calculated that global steel consumption in 2022 decreased by 2.0% compared to the previous year to 1.795 billion tons. In 2023, global steel demand will increase by 0.4% annually and reach 1.801 billion tons.