The EU’s crude steel production fell by nearly 20pc in October 2022 compared with the same month last year, while global crude steel production was fat in the same period. Other European countries reduced their production by 15.8pc, with several downside factors diminishing demand on the continent and forcing producers to implement production reductions. A deteriorating macroeconomic outlook, rising infation, interest rates and energy costs, and reduced car produc-tion have all contributed to an erosion of real demand in the European steel market, leading producers to announce at least 17mn t of blast furnace or electric arc furnace (EAF) produc-tion cuts across the continent in recent months.
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