EU steel production falls to historic low — FT

EU steel production falls to historic low — FT Europe is the only major region where steelmaking capacity is shrinking, EUROFER Director General Axel Eggert pointed outBRUSSELS, October 1. /TASS/. Steel production in the European Union has fallen to a historic low amid a sharp rise in energy prices, US tariffs, and the impact of steel supplies from China, while exports have declined by around 20%, the Financial Times (FT) reported. Europe is the only major region where steelmaking capacity is shrinking, EUROFER Director General Axel Eggert told the newspaper, noting that the industry will not return to its previous peak production levels of around 155 mln metric tons in 2015. The EU is the world’s second-largest steel-producing region, accounting for 14% of output, but European production volumes are far below those in Asia, which accounts for almost three-quarters of global crude steel production, the newspaper noted. According to the European Steel Association (EUROFER), exports to the United States, in particular, fell 29% year on year in the first half of 2026 after Washington imposed 50% tariffs on EU steel imports. Shipments to Turkey, India, and China declined by at least 18% as European companies lost out to other suppliers on price. Overall exports fell 20%, while the bloc’s crude steel production declined 3% to 126 mln metric tons in 2025, according to experts. ArcelorMittal Europe Steel CEO Geert Van Poelvoorde said high costs in Europe, including those stemming from environmental standards, were creating a dangerous situation: steel products were becoming too expensive for customers such as automakers, making them difficult to export. The European Commission previously introduced new trade quotas with a 50% tariff on steel imports exceeding the limits to protect the industry and also brought steel within the scope of the Carbon Border Adjustment Mechanism (CBAM). The mechanism requires countries and foreign producers whose carbon emissions are higher than those in the EU to pay an additional levy when importing their goods into the European Union. The measure applies to steel, aluminum, cement, and fertilizers. 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