Real consumption of steel in the European Union is forecast to fall by 1.5 percent in 2012 and to increase by almost two percent in 2013, according to the Economic and Steel Market Outlook 2012-2013/Q2 2012 Report from the Economic Committee of the European Steel Association (EUROFER).
In 2011, real consumption of steel in the EU increased by 5.9 percent compared to the previous year; however, the year-on-year growth came to a standstill in the last quarter of last year in line with the weakening trend foreseen for activity in the EU's key steel using sectors.
Activity in steel using industries has indicated slightly negative growth during most of 2012 so far, due to the slowly improving business environment, tight credit supply and still elevated risks and uncertainties clouding the near-term outlook.
According to EUROFER, there is an expectation of a mild improvement in demand in the EU steel market towards the end of the year, in line with general economic fundamentals.