At the second and third sessions at Steel Networking Summit 2026 conference, organized by the Turkish Steel Exporters' Association (ÇİB) on October 26, industry representatives examined how trade barriers, geopolitical uncertainty and high energy and financing costs are reshaping steel markets, focusing on demand prospects, transatlantic trade and competitiveness across the steel value chain.
Speaking at the second session titled “The Future of Steel in a Fragmented World: Trade Wars, Economic Developments and New Challenges”, Dr. Yusuf Emre Akgündüz, deputy governor of the Central Bank of the Republic of Turkey (CBRT), noted that higher energy costs were putting pressure on inflation and Turkish steel producers' costs, while inflation could fall relatively rapidly in the first half of 2027. CBRT would remain focused on disinflation and macro financial stability despite higher energy costs and uncertainty surrounding the Middle East conflict. Turning to geopolitical risks and energy security, Mehmet Öğütçü, chairman of Global Resources Partners, said geopolitical risks and energy security were shaping steel trade and investment. He stressed the need for economically viable decarbonization and strategic partnerships, highlighting defense, energy infrastructure and reconstruction as potential sources of steel demand. Focusing on the outlook for European steel demand, Alessandro Sciamarelli, director of market analysis and economic studies at EUROFER, has shared forecast for EU apparent steel consumption growth of just 0.1 percent in 2026 and 2.3 percent in 2027. He said 2025's 4.5 percent increase largely reflected purchases brought forward ahead of CBAM and the new EU steel trade measure. High energy costs, overcapacity and weak demand remained key pressures, with capacity utilization below 70 percent.
During the panel moderated by Dr. Barış Esen, director of Yatırım Finansman, the participants, namely Dr. Yusuf Emre Akgündüz, Mehmet Öğütçü, Alessandro Sciamarelli, Fabrizio Di Gianni, senior partner at Van Bael & Bellis, and Matthew Nolan, counsel at ArentFox Schiff LLP, discussed how geopolitical fragmentation, trade barriers and high costs are reshaping steel trade and investment, emphasizing flexible supply chains and financial stability. They also examined the balance between industrial protection and open markets, stressing that global overcapacity requires international cooperation beyond unilateral trade measures, as they will provide only short-term relief.
Meanwhile, speaking at the third session titled “Transatlantic Steel Outlook: Navigating Trade, Policy and Growth”, Alexander M. Julius, president of EUROMETAL, said EU steel import restrictions and CBAM were raising European manufacturers' costs, while imported steel-containing goods faced fewer barriers. He called for a level playing field, warning that higher steel and carbon costs were weakening European manufacturers' competitiveness in both domestic and export markets. Assessing global steel supply and demand, Philipp Englin, CEO of World Steel Dynamics (WSD), said weak demand and rising Chinese exports were pressuring steel prices and profitability, with inflation and energy costs adding risks for 2027. He highlighted US import opportunities despite 50 percent tariffs. Examining the challenges facing steel importers, Julian Verden, general manager for Europe at Stemcor Group, warned that tighter quotas, tariffs and CBAM uncertainty were increasing EU and UK trading risks. He said higher European prices would be needed to absorb additional duties on Turkish HRC, while weak investment confidence and the potential relocation of downstream manufacturing clouded the demand outlook. From the perspective of European steel producers, Mathieu Spoidenne, head of international trade at ArcelorMittal, identified global steel overcapacity as the main challenge facing European producers. He backed EU quotas, CBAM and trade defense measures, calling for downstream protection, closure of CBAM loopholes and a solution to carbon costs affecting EU exports.
During the panel moderated by Stanislav Zinchenko, CEO, GMK Center, Henrik Adam, former president of EUROFER, Mr. Julius, Mr. Englin, Mr. Verden and Mr. Spoidenne examined the diverging outlooks for the US and European steel markets, focused on Europe's weakening export competitiveness and the effects of tariffs and carbon policies on trade, investment and supply chains, highlighting tensions regarding decarbonization investment. They emphasized supply chain cooperation to share costs and manage risks, while noting financing constraints for smaller companies.
