Name: EU steel keels under pressure of soaring energy prices
Brand: Wood Mackenzie
SKU: 147329
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Author: Wood Mackenzie

Insight 13 October 2022

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European steelmakers idle almost 30 Million Metric Tonnes of steel capacity to rebalance the market amid a climate of soaring energy prices, high imports, and weak domestic demand. At its core, falling steel prices have squeezed margins and severely reduced competitiveness of the European steel industry. We forecast 2022 crude steel production to be 145Mt for the EU27+UK, down 9%, a substantial downgrade from our Q2 Long Term Outlook.</div>
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            European steelmakers idle 30 Mt of capacity in response to unsustainable energy costs and weak demand
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        A double whammy of high costs and low prices is squeezing margins and reducing competitiveness
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        Surge in energy prices has increased the cash cost for steelmakers with EAF mills being more exposed
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        Raw materials - demand destruction limits imports
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         <li class="list__item push-quarter--bottom">EU steel capacity idling, October 2022</li><li class="list__item push-quarter--bottom"></li><li class="list__item push-quarter--bottom">Power and gas price surge on short supply; upcoming winter casts further worries</li>
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            <li class="list__item push-quarter--bottom">Share of electricity and gas in cash cost set to rise in 2022; impact higher on EAF units than BOF owing to higher share in cost structure</li><li class="list__item push-quarter--bottom">Average margins by steel making routes</li><li class="list__item push-quarter--bottom">Double whammy impact on margins</li>
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<p class="font-regular" >EU steel keels under pressure of soaring energy prices</p>
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