Despite economic uncertainties and soaring energy costs, the European Union (EU) has witnessed a steady increase in steel production. However, sectors such as construction, mechanical engineering, appliances, and metal products have experienced declines, particularly in construction.

Construction industries grapple with material price spikes, labor shortages, and economic instability, impacting investment and consumption demand. While infrastructure construction has provided some relief, a recession is anticipated to persist through the first half of 2024.

Although facing similar challenges, industries like automotive, mechanical engineering, steel pipe manufacturing, and home appliances are forecasted to experience a gradual output recovery in 2024.

Source from Yieh Corp