Production review and Prospect of steel industry in EU

In the second quarter report of economic and steel market outlook 2021-2022 recently released by European Steel Association, the production situation of EU steel industry in the fourth quarter and the whole year of 2020 was reviewed in detail. In the fourth quarter, the EU steel industry maintained the growth trend of the third quarter. For the whole year of 2020, the production of the main steel industry in the EU has dropped by 10.4% year on year. Among them, the construction industry decreased by 4.6%, the automobile industry by 19.8%, the machinery industry by 11.7%, the steel pipe industry by 15.3%, and the home appliance industry by 2.8%.

The European Iron and Steel Association said that it is expected that the economic recovery in the world and the European Union will continue the current recovery trend with the use of steel industry production. It is expected that the production of EU steel industry will rebound by 8% in 2021 and increase by 3.5% in 2022.