Moderate recovery in EU real steel consumption to continue in 2015-16

Real steel consumption in the EU increased by around two percent year on year in the last quarter of 2014 and by 2.1 percent in the whole of 2014, in line with a fairly similar moderate rise in activity of the steel using sectors, according to the Economic and Steel Market Outlook 2015-2016/Q2 2015 Report from the Economic Committee of the European Steel Association (EUROFER).
 
EUROFER indicated that the automotive sector showed the strongest momentum over the year. Equally important for the growth of final steel demand is the fact that the construction sector finally turned the corner in 2014 and stopped acting as a drag on real steel consumption.
 
The outlook for 2015 and 2016 is for a continuation of the moderate recovery of real steel consumption in the EU. While in 2015 private consumption growth looks set to be the major growth driver, investment is seen strengthening more robustly in 2016. Exports will continue to provide support for economic growth as well.
 
According to EUROFER, EU real steel consumption is forecast to increase by 1.6 percent year on year in 2015 and by 2.3 percent in 2016.