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Industry revenue of »manufacture of basic iron, steel, ferro-alloys« in Belgium 2011-2023

Over the years, building construction, utility projects and specialised construction activities have witnessed a steady rise in Belgium. This usually augurs well for the basic iron, steel, and ferro-alloys manufacturing industry, as it leads to an increased demand for iron and steel products. However, this has not been the case with the Belgian industry, as majority of the demand is fulfilled through cheaper imports. Manufacturing has been declining owing to the rising production and labor costs as well as the high tariff rates. Most of the production is being rapidly outsourced to lower cost bases, mainly in the Asia-Pacific region such as China, Japan and India, which are amongst the major steel producers. As a result, industry revenues have witnessed a decline from 11.42 billion U.S. dollars in 2011 to 10.57 billion U.S. dollars in 2019.

Seventh leading steel importer

In 2018, Belgium was the world’s seventh leading importer of steel, having imported nearly 14.8 million metric tonnes of steel. France accounted for the largest share of Belgium’s imports, followed by Russia and Germany, as per data from the International Trade Administration.

Industry revenue of »manufacture of basic iron, steel, ferro-alloys« in Belgium from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Belgium. The industry “manufacture of basic iron and steel and of ferro-alloys“ has the code “C241“.

Details on the methodology can be found here.

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