Steel demand in European Union to drop by 3.5% in CY’22 – WSA

Steel demand in the European Union is expected to drop by 3.5% y-o-y in CY’22 amid high inflation and soaring energy costs, which have resulted in a slowdown in industrial activities, as per World Steel Association (WSA). Moreover, steel demand is likely to remain under pressure if energy supply disruptions continue into CY’23, WSA has predicted.