Real consumption of steel in the European Union is forecast to rise by 6.1 percent in 2011 and by two percent in 2012, according to the Economic and Steel Market Outlook 2011-2012/Q4 2011 Report from the Economic Committee of the European Steel Association (EUROFER).
In the second quarter of 2011, real consumption of steel in the EU increased by over eight percent compared to the same quarter of the previous year, in line with the growth rate in the manufacturing sectors.
For the third quarter, the real consumption growth rate is expected to be below 2.5 percent year on year, while fourth quarter consumption growth may fall below two percent year on year.
Despite the uncertainty regarding the outlook for steel using industries in the EU, forecasts for 2012 remain positive. On the other hand, activity in the manufacturing industries and in construction will continue to grow; however, the growth in the manufacturing industry will be significantly slower compared to 2010 and 2011.