Steel Production and Export in Europe Reached Historical Lows

European steel exports decreased by 20%, and production fell to historical lows due to rising energy prices, American tariffs, and an oversupply of Chinese products. In the first half of 2026, EU steel shipments to the US dropped by 29% due to 50% tariffs on imports. Exports to Turkey, India, and China decreased by 18%. Raw steel production in EU countries fell by 3% last year to 126 million tons, and in the first five months of this year, it declined by 1%, with a slight recovery of 1.1% in May. Eurofer CEO Axel Eggert noted that Europe is reducing steel production capacities and will not return to the peak levels of 2015, when production reached 155 million tons. Europe holds 14% of the global steel market, while Asia accounts for nearly three-quarters. The high production costs make it too expensive for export. The situation is exacerbated by rising energy resource prices amid the conflict in the Middle East, with gas prices in the EU increasing by more than 140%. In July, the European Commission imposed trade quotas and anti-dumping duties on Chinese goods, leading to a redirection of Chinese products to other markets. The European industry will not be able to compete with China and India using outdated technologies, but it has an advantage in producing green steel.

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