European steel industry needs radical clean industrial deal for stronger and greener EU
Source: | Author:exhibition-100 | Published time: 2024-09-11 | 141 Views | 🔊 Click to read aloud ❚❚ ▶ | Share:

According to the European Steel Association's (EUROFER) report, in order to protect the European steel industry from cheap imports driven by unfair trading practices and overcapacity from third countries, a clean industrial deal is the most important and last line of defense.


The latest developments in the steel industry hurt the green transition of steelmakers and their key manufacturing customers such as automotive in Europe.

According to data, EU crude steel production hit a record low of just 126 million tons in 2023 as investment was halted or delayed as weak demand and cheap imports cut profit margins.

EUROFER's Director General Axel Eggert said they need to radically change the EU policies to revive their competitiveness, to face the situation where cheap exports from other steel-producing regions of the world such as China, South Asia, the Middle East, India, and Japan are being diverted to the EU. He believed this would be the last chance for Europeans to decarbonize and prosper.