The total crude steel production of the 27 member states of Europe reached 10.8 million tonnes, an increase of 5.7% compared to the same period of the previous year. This positive development signals a recovery in steel production and a recovery in the sector.
In the first seven months of the year, EU countries produced a total of 78 million tonnes of crude steel. This figure represents an increase of 1.5% compared to the same period of 2023. This increase supports the recovery in industrial production and economic growth expectations, especially in Europe.
The European steel industry has faced challenging times in recent years due to global economic uncertainties and trade tensions. However, this increase in production as of 2024 shows that the sector has recovered and entered a growth trend. As the steel industry provides key materials for construction, automotive and infrastructure projects, this increase in production could have far-reaching economic impacts.
According to the European Steel Association (Eurofer), there are several main factors behind this increase. Firstly, Europe's major steel producers have made significant investments to improve energy efficiency and meet environmental sustainability targets. Secondly, disruptions in supply chains and fluctuations in raw material prices have been a key factor affecting production capacity.
Sources predict that the EU steel sector will continue to grow in line with long-term trends such as green transformation and digitalisation. In line with Europe's carbon neutrality targets, investments in low emission technologies in steel production are expected to increase. In this context, various projects and incentives supported by the European Commission support the sector's progress towards a more sustainable future.
The future performance of the industry may vary depending on factors such as global economic conditions, energy costs and environmental regulations. However, available data and production increases suggest that Europe's steel sector has the potential to perform strongly again.
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