The EU long steel market has experienced several phases of development between 2010 and 2023. After the 2008 global financial crisis, production saw modest growth, hindered by weak demand in construction and infrastructuresectors. A key period of recovery from 2015 to 2018 boosted infrastructure projects, leading to a stable production volume of 54-57 million tons in the EU. Countries like Germany, Italy, and Spain increased production, though stricter environmental standards limited further growth.
Consumption of long steel products closely followed the ups and downs of the construction sector, peaking between 2015 and 2019 due to rising investments in transport infrastructure and residential construction. However, the COVID-19 pandemic in 2020 led to a sharp decline in demand. In 2021-2022, the market rebounded with government support, though by 2023, consumption hit a decade-low of 46.3 million tons due to economic stagnation in the EU.
In terms of exports, the EU long steel sector thrived in the Middle East and North Africa, but lost ground to Chineseand Turkish competitors offering cheaper products. The EU’s export share, once 18-21% between 2012 and 2016, dropped to 10-12% by 2023. Imports have remained significant, especially from China and Turkey, peaking at 7.9 million tons in 2018 and slightly falling to 5.5 million tons in 2023 due to weak demand.
Looking forward, the outlook for the EU long steel market remains uncertain. While lower ECB rates and anticipated growth in construction may drive demand, high energy costs and global economic instability pose challenges. Government initiatives to support infrastructure development and stabilize electricity prices are crucial to the market’s future.
