The flood is rising 🌊. The #European #steel market is being overwhelmed by a surge of cheap imports driven by global overcapacity. And this time, it’s not just China.
🇨🇳 In 2015, a sharp drop in Chinese demand triggered an export wave that flooded global markets. The EU bore the brunt.
🌍 Now, the second wave has begun. Since 2023, Chinese exports have surged again, while countries across Southeast Asia, the Middle East and North Africa rapidly expand their own steel capacity.
As trade protections tighten elsewhere, more excess steel is being diverted to Europe. The impact is clear:
🚢 Imports now account for 27% of the EU steel market
🏭 Production has fallen by 31 million tonnes since 2018
👷 95,000 jobs have been lost since 2008
Europe is the only major steel-producing region without strong import management. The current EU steel safeguard is no longer fit for purpose. The Steel and Metals Action Plan (#SMAP) recognises the crisis. Now it must deliver
🇨🇳 In 2015, a sharp drop in Chinese demand triggered an export wave that flooded global markets. The EU bore the brunt.
🌍 Now, the second wave has begun. Since 2023, Chinese exports have surged again, while countries across Southeast Asia, the Middle East and North Africa rapidly expand their own steel capacity.
As trade protections tighten elsewhere, more excess steel is being diverted to Europe. The impact is clear:
🚢 Imports now account for 27% of the EU steel market
🏭 Production has fallen by 31 million tonnes since 2018
👷 95,000 jobs have been lost since 2008
Europe is the only major steel-producing region without strong import management. The current EU steel safeguard is no longer fit for purpose. The Steel and Metals Action Plan (#SMAP) recognises the crisis. Now it must deliver