News » A Green Deal on Steel video series - episode 2
A Green Deal on Steel video series - episode 2
Recent updates
This is the second episode in EUROFER's Green Deal on Steel series: the importance of energy in the success of the transition to low-carbon steelmaking.
Energy is key to achieving the steel industry’s low-carbon goals. The transition to carbon-lean steelmaking will require 400 terawatt-hours of CO2-free electricity per year.
This is almost the total electricity demand of France. It is seven times what the steel industry purchases from the grid today. This electricity needs to be ‘green’ and affordable.
Of this, nearly 250 terawatt-hours is needed for the production of 5.5 million tonnes of hydrogen, which would be used in new processes to make ‘green’ steel.
EU policymakers must help create a market for the resulting green steel, which may cost 35 to 100 percent more to produce than it does with the highly optimised processes currently in use.
The benefits to society from the availability of green electricity and green industrial products, such as green steel, are huge – so Europe needs to strive to make the energy transition as quickly and comprehensively as possible.
Brussels, 16 May 2024 – The initiation of a new anti-dumping investigation on imports of tinplated steel products from China announced today by the European Commission is an important step towards restoring a level playing field for the EU producers, says the European Steel Association welcoming the opening of the procedure.
Brussels, 07 May 2024 – The European Commission has today published two Regulations extending the anti-dumping and countervailing measures in force on imports of stainless steel cold-rolled flat products (SSCR) originating in Indonesia to imports of SSCR from Taiwan, Turkey and Vietnam. EUROFER welcomes the extension of the duties and the introduction of import requirements connected to strict monitoring of imports.
The outlook for the European steel market in 2024 continues to lose momentum amidst persisting challenging conditions. Downside factors such as worsening geopolitical tensions, coupled with growing economic uncertainty, energy prices, inflation, interest rates have further impacted demand prospects. According to EUROFER’s latest Economic and Steel Market Outlook, these challenges have exacerbated the negative effects on apparent steel consumption, resulting in a more severe downturn in 2023 than previously projected (-9%, instead of -6.3%) and weaker growth in 2024 (+3.2%, instead of +5.6%). Output in steel-using sectors, despite showing more resilience than expected in the past year (+1.1%), is now set to decline (-1%). Imports are once again on the rise (+11% in the last quarter of 2023), capturing a staggering 27% market share throughout 2023.