Real steel consumption in the European Union is forecast to decrease by around 3.5 percent in 2013, according to the Economic and Steel Market Outlook 2013-2014/Q4 2013 Report from the Economic Committee of the European Steel Association (EUROFER).
In the second quarter of 2013, real consumption of steel in the EU fell 2.7 percent compared to the corresponding period of the previous year, a slightly smaller contraction than expected in July. Several steel using sectors, such as the automotive industry, registered better activity levels than foreseen.
EUROFER estimates a fairly similar drop in real steel consumption to have taken place in the third quarter. The reduction in real steel consumption is forecast at around one percent year on year in the final quarter of the current year.
According to EUROFER, the improving economic framework in 2014 means that real steel consumption will start to feel the pull from the expected rebound in activity of the steel using sectors in the EU. EUROFER forecasts a growth of 1.5 percent in real steel consumption in 2014, revised up from the previous growth forecast of 0.5 percent.
