EU steel consumption above expectations in 2014 - Eurofer

During 2014, steel consumption in Europe exceeded expectations previously presented by the European Metallurgy Association (Eurofer), according to the organization's latest steel market report. At the same time, the sale of rolled metal products in Moscow and the European part of Russia is noted at a high level.

Commenting on the mood of the European steel market, Axel Eggert, CEO of Eurofer, said: “The cumulative effect of the weak euro and falling oil prices could give a good boost to the EU economy this year.

The ECB's quantitative easing program and Junckers' investment plan should, at least for the time being, have a positive effect on sentiment. Overall, we expect to see an increase in exports, domestic demand and investment in particular. "

While these figures point to a stronger than expected European market, Eurofer reports that imports to the EU rose strongly in Q3 and Q4, undermining the market share of European factories on the continent.

Apparent steel consumption in 2014 grew 3.3 percent year-over-year, while a 2.6 percent increase was projected in October. As a result, the consumption growth rate in 2015 was slightly reduced by the association, to 1.9 percent year on year, and to 2.6 percent in 2016.

Real steel consumption rose 1.4 percent year-on-year in 2014, higher than the previous forecast of 1.2 percent. For 2015, growth is expected to strengthen, climbing 1.7 percent and then 2.1 percent in 2016.