2024 EU steel consumption forecast slashed to -1.8% by EUROFER

The European Steel Association (EUROFER) has revised its projections for apparent steel consumption in the EU, now expecting a decline of 1.8% in 2024, down from a previous forecast of a 1.4% increase.

For 2025, the growth estimate has also been lowered from 4.1% to 3.8%.

In Q2 2024, steel consumption decreased by 1.3% y-o-y, continuing a trend that began in Q2 2022 due to factors like the war in Ukraine, high energy prices, and rising production costs.

Despite hopes for a recovery, the outlook remains uncertain, with consumption expected to stay below pre-pandemic levels.

Real steel consumption is projected to decline by 3% in 2024, with a slight recovery of 0.6% in 2025. In 2023, EU steel production fell by 7.4% compared to 2022, though there was a 2.7% y-o-y increase in December.