EUROFER – Economic and Steel Market Outlook, 4Q 2024

The fourth quarter 2024 report by EUROFER provides a comprehensive analysis of the European steel market, highlighting key economic trends and projections. The report indicates that the resilience observed in steel-using sectors is expected to wane in 2024, with output growth projected to decline by 2.7%, a downward revision from the previous estimate of 1.6%. A modest recovery is anticipated in 2025, with growth forecasted at 1.6%, also revised downwards from 2.3%. The ongoing economic uncertainty, characterized by volatile energy prices, weak manufacturing conditions, persistent inflation, geopolitical tensions, and high interest rates, continues to adversely affect steel market growth. The construction sector, accounting for 35% of steel consumption in the EU, remains in recession, further impacting demand. The report underscores the need for robust industrial policies to support the steel industry amid these challenges.