The World Steel Association (worldsteel) reports that low end-use consumption is significantly affecting European steel demand. For 2024, steel demand in the EU and UK is projected to decline by 1.5% to 136.6 million tonnes. This downturn is attributed to weak manufacturing activity and subdued construction sector performance.
However, a rebound of 3.5% is anticipated in 2025, driven by expected recoveries in major economies and increased infrastructure spending. The automotive industry, a key consumer of steel, has also seen a slowdown, further impacting demand. Despite these challenges, there is cautious optimism for a moderate recovery in the coming years.