In a recent report released by EUROFER, the European steel industry association has lowered its outlook for the market in 2024 “for the second time in a matter of months” as observed by Reuters.

According to the document,  steel demand is projected to recover slower than previously projected. The association is now estimating a growth of  3,2% for 2024 compared to the previous year,  instead of +5,6% resulting “in volumes still below pre-pandemic levels.”

The overall evolution of the demand this year would remain “subject to very high uncertainty,” stated EUROFER. “The outlook for 2024 appears to be characterized by a worsening combination of uncertainties in energy prices, weak demand, inflation, geopolitical tensions, and economic challenges driven by high interest rates,” it concluded

Axel Eggert, director general of the association, reiterated his call for urgent action. Based on the figures, “the message is clear: we need a robust business case in Europe for a successful transition, with a set of enabling conditions under the umbrella of an effective EU industrial policy”.