News » New report on the impact of the European steel industry on the EU economy just published
New report on the impact of the European steel industry on the EU economy just published
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Oxford Economics and EUROFER have just released the Impact of the European Steel Industry on the EU Economy: An updated and extended analysis study. Commissioned by EUROFER, the study broadens and updates the analysis first conducted for the Association in 2017 and published in 2018. The study finds new figures for total employment, now 2.6 million direct, indirect and induced jobs for the sector. The steel industry’s Gross Value Added is now €148 billion overall, with a new tax revenue impact of €60 billion. The tax assessment is an addition to this report over the previous edition. The jobs multiple for the sector is nearly 8x, going down into customer sectors that are also analysed in this report for the first time.
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Brussels, 13 February 2025 – Following the high-level conference “A Carbon Border Adjustment Mechanism for Climate - Addressing carbon leakage to strengthen global climate action”, organised in Paris by the European Commission and the French Ministries of Finance, Economics and Climate Transition, EUROFER emphasises that simplification must go hand in hand with ensuring the instrument’s effectiveness. This means addressing key issues such as resource shuffling, exports, and the inclusions of products further down the value chain.
Brussels, 11 February 2025
Brussels, 06 February 2025 – The economic and geopolitical conditions that have affected the European steel market over the past two years show no signs of improvement and have further deepened their negative impact on the sector in 2024. Growing uncertainty continues to weigh also on 2025 and 2026, with the outlook hinging on unpredictable developments especially as regards international trade. According to EUROFER’s latest Economic and Steel Market Outlook, the recession in apparent steel consumption in 2024 will be steeper than previously projected (-2.3%, down from -1.8%) and the expected recovery in 2025 has now been downgraded (+2.2%, down from +3.8%). Similarly, steel-using sectors’ recession has been revised downwards for 2024 (-3.3% from -2.7%), while growth projections for 2025 have also been lowered (+0,9% from +1.6%). Some acceleration is not expected until 2026 (+2.1%). Steel imports remain at historically high levels (28%) also in the third quarter of 2024.
The European Steel Association (EUROFER)
172 Avenue de Cortenbergh
1000 Brussels
Belgium
Email: mail@eurofer.eu
Phone: +32 (0) 2 738 79 20
