Europe’s Steel Sector Is Suffering. These Charts Show Why
- Weak economic growth and trade tensions have cut into sales
- European steelmakers also see less demand from carmakers
Steel has been battered by weaker demand and a knock-on effect of lower car sales in Germany.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
From the collapse of British Steel to a 50% plunge in ArcelorMittal shares in the past year, the European steel industry has lurched back into turmoil.
Steel, a business notoriously sensitive to changing winds of economic growth, has been battered by weaker demand, a knock-on effect of lower car sales in Germany. At the same time, costs are rising as a result of surging prices for iron ore and the market is awash with supplies of low-cost steel from Turkey and Russia.