European Steel
What is European Steel?
Steel manufactured inside the European Union and its member states is referred to as European steel.
With an annual turnover of around €130 billion and direct employment of about 306,000 highly-skilled individuals in Europe, the EU steel sector produces 152 million metric tons of steel on average.
The steel industry within Europe is integral to the continent’s industrial and construction sectors, providing a solid foundation for employment, growth and progress.
Importance of Forecasting European Steel Prices:
Because steel plays a crucial strategic role in the health of the EU’s economy, price forecasting is important. For the EU to remain robust and resilient in the future, low-carbon steel produced in Europe is essential, but there are now major obstacles in the way than ever. This includes rising energy prices, global overcapacity and rising unilateral carbon taxes.
Precise prediction of steel costs is essential for business executives to make knowledgeable choices. European steel also has a competitive effect on U.S. prices through imports.
Different Components of the European Steel Market:
Producers:
Europe has a thriving steel industry, dominated by large corporations such as ArcelorMittal (Luxembourg), Voestalpine (Austria), and Thyssenkrupp (Germany).
Products:
Europe produces a wide range of high quality steel products to meet a variety of demands. From long steel for use in equipment and automobiles to flat steel for use in building and shipbuilding.
Trade:
The steel market in Europe takes an active part in international commerce. The continent is a net importer of steel, hence imports and exports are important.
Regulations:
Every day, strict laws pertaining to quality, safety and environmental effects have an impact on the European steel industry.
