Europe still occupies a significant position in the global steel sector and is a pioneer in innovations and sustainability. As of 2022, the industry employed 305,600 workers, with Germany having the largest workforce with around 80,200 workers. This was more than double the number of employees in the Italian steel industry, which was the second largest industry in the region. Europe was home to one of the world's oldest and largest steel companies, such as ArcelorMittal, headquartered in Luxembourg City. In 2022, ArcelorMittal was the second-largest steel producer worldwide, with an output of approximately 68.9 million metric tons, which was significantly behind the market leader, China Baowu Group.
European Steel’s position in the global market
In 2022, crude steel production in the EU fell to one of its lowest levels. The market was affected by numerous events, but the main one was the high inflation in Europe and the resulting decrease in demand for steel. Moreover, the coronavirus epidemic, the Russian-Ukrainian conflict, and the ensuing energy crisis have only served to exacerbate the downturn. Together, they opened up a new challenging phase for the European steel market.As of 2022, global crude steel production reached roughly 1.89 billion metric tons, of which some 9.4 percent were attributed to Europe’s output. The European Union came in second, but China alone contributed 54 percent of global steel production. Particularly noteworthy is the fact that China holds the absolute leadership position in the global steel industry. As of 2022, China's crude steel production was about 1.02 billion metric tons. This figure was just under 136.4 million metric tons in the European Union (EU-27). The 2022 production level was even 11 percent lower than the previous year.
