The industry organization Eurofer writes in a press release that the twelfth hour has already arrived for the industry.
Eurofer asks the Union to agree on a robust plan for European steel. It must address trade, the EU’s carbon tax on imports, energy and scrap metal as part of a wider proposal to help companies meet the EU’s 2050 carbon neutrality target.
European Commission President Ursula von der Leyen has promised that she will present the proposals in a strategy for emissions-free industry (Clean Industrial Deal) during the Commission’s first 100 days.
According to Eurofer, global overcapacity in steel production reached 551 million tonnes in 2023, four times the EU’s annual steel production. OECD forecasts point to an additional 157 million tonnes of capacity by 2026.
The EU’s steel production has fallen by 34 million tonnes over a five-year period until 2023, and capacity utilization is down to 60 per cent. Imports now make up 27 percent of the EU market.
– The EU’s deindustrialisation is accelerating. Steel, the car industry, renewable energy and batteries are all on the brink. Without immediate measures, Europe’s industry will disappear, says Eurofer’s press release.
ArcelorMittal, the world’s second-largest steelmaker, said last week it was delaying planned green investments due to political uncertainty.
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