Europe is likely to suffer a crude steel production loss of around 4% in 2022 on account of mill closures. Apparent steel consumption had dropped -5.2% in 2019 due to trade issues and manufacturing downturn, and in 2020 by -10.7% (because of Covid). A rebound of 11% was seen in 2021 but recessions are expected in 2022 (-3.5%) and 2023 (-1.9%). There was an evident downturn before the onset of the pandemic. Recovery did happen since Q3CY20 throughout 2021 but drop is expected from Q3CY20 to Q2CY23.
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