An increasing threat of protectionism and the potential for retaliatory measures leading to a global trade war is the key risk to an otherwise positive outlook for the steel market in Europe, regional steel association Eurofer said on Tuesday May 8.
In 2017, the European steel market performed healthily, supported by favorable conditions in both the domestic and international markets, the organization said. Key drivers were investment and exports."The latest data shows that the European steel industry has finally struggled its way back to a firmer footing," Eurofer director general Axel Eggert said."[But] worryingly, this recovery is being put at risk by the United States' Section 232 action and the resulting global economic fallout. Surges of deflected imports to the EU market...