H. Yoo
Research expert covering South Korea
Steel industry in Europe - statistics & facts
In Europe, the history of industrial steel production dates back as early as the 19th century in some European countries, such as the United Kingdom and Germany. Back then, the coal-producing countries were the leading ones in crude steel production since coal was a critical material. However, in the 20th century, Italy, one of Europe's biggest steel producers, invented the electric furnace technique, which is still used to make steel with steel scraps.
Europe still occupies a significant position in the global steel sector and is a pioneer in innovations and sustainability. As of 2024, the industry employed around 298,000 workers, with Germany having the largest workforce with around 78,000 workers. This was more than double the number of employees in the Italian steel industry, which was the second largest industry in the region. Europe was home to one of the world's oldest and largest steel companies, such as ArcelorMittal, headquartered in Luxembourg City. In 2024, ArcelorMittal was the second-largest steel producer worldwide, with an output of approximately 65 million metric tons, which was significantly behind the market leader, China Baowu Group.
European Steel’s position in the global market
In 2024, crude steel production in the EU fell to one of its lowest levels. The market was affected by numerous events, but the main one was the high inflation in Europe and the resulting decrease in demand for steel. Moreover, the coronavirus epidemic, the Russian-Ukrainian conflict, and the ensuing energy crisis have only served to exacerbate the downturn. Together, they opened up a new challenging phase for the European steel market.
As of 2024, global crude steel production reached roughly 1.89 billion metric tons, of which some seven percent were attributed to Europe’s output. The European Union came in second, but China alone contributed 54 percent of global steel production. As of 2023, China's crude steel production was about one billion metric tons. This figure was just under 126.3 million metric tons in the European Union (EU-27) the same year.Â
Steel trade in the EU
As of 2023, the European Union's semi-finished and finished steel imports totaled around 132 million metric tons, seven percent lower than the previous year. That year, Germany secured its leading position in the region's steel market since the country was the largest exporter of semi-finished and finished steel products in the European Union, with export volumes reaching roughly 23 million.
Regarding exports, it is noteworthy that hot dipped and hot rolled products were the most frequently exported from the European Union to other countries. In particular, with an export volume of approximately 232,000 metric tons over the eight months of 2024, hot dipped steel constituted the primary export commodity. Turkey and India were important trading partners in the area. During the first eight months of 2024, these two countries imported 357,000 and 295,000 tons of finished steel, respectively.
