In 2022, global steel production decreased 4.3 percent year on year to 1.83 billion tons. Among these, steel production from the EU decreased by 10.5% compared to the previous year and decreased to approximately 137 million tons. It is thought that the factor that greatly affected the decrease in energy prices may be the Russia-Ukraine war.
The EU's steel production and consumption in 2023 were projected to decrease by 0.6% and 1.6% respectively. Entering 2024, steel production and consumption are projected to grow by 1.8% and 1.6%, respectively.
Steel demand for the construction industry may decrease by 1.6% in 2023 and increase by 1.6% in 2024. On the other hand, automotive sector demand will increase by 1.1% this year and decrease by 0.6% in 2024.
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