EUROFER: Output of all steel-consuming industries may decline in 2020
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Update time : 2020-08-18 16:32:07
According to the prediction of the European Steel Association (EUROFER), this year in the EU all the industries that consume steel shall suffer a 12.8% decline in their production compared with the previous year. Meanwhile, the output might return to increase by 8.9% in 2021.
However, due to governmental support, for the construction sector, there shall be much less consumption cut than the other industries. The construction industry, who consumes most steel, is also the industry that receives the smallest influence in the COVID-19 pandemic of this year.
It was estimated that the mentioned industry would consume 35% of the total annual steel consumption in the EU.
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