STEEL NEWS

EUROFER predicts improvements in the EU steel industry in 2021

According to Yieh.com, Alessandro Sciamarelli, director of economic research and market analysis for the European Steel Association (EUROFER), has made predictions for the European steel industry for 2020 and 2021.

Sciamarell predicts EU apparent steel consumption will decline by 14.6% this year and rise 13.1% by 2021. He said EU steel imports fell in the first nine months of this year, reflecting declining demand, while EU finished steel imports fell 19% from January to August this year.

Sciamarell believes that the reason was a complete suspension of industrial activity in the second quarter and a recovery is not expected until 2021.

This June, while the European Commission revised and adjusted the EU's safeguards on steel, it failed to adequately respond to the changes in the EU steel market caused by the Covid-19 epidemic, which has left the EU's steel industry unstable.