Abstract Since the outbreak of the financial crisis in 2008, the entire European economy has been very depressed. The performance of the steel industry has been even worse. Steel stocks have fallen by 19% this year, which may be the worst compared to other industries. Demand is low, oversupply, the most important problem in the European steel industry is demand...
Since the outbreak of the financial crisis in 2008, the entire European economy has been very depressed, and the steel industry has performed even worse. Steel stocks have fallen by 19% this year, which may be the worst compared to other industries. Low demand
The main problem in the European steel industry is sluggish demand and overcapacity. The construction industry, steel structure engineering, and automobile industry account for 50% of European steel demand. The construction industry and the automobile industry have been severely affected by the European debt crisis. Due to the fiscal austerity policies and credit environment of European countries, the construction industry has not shown this spring. There are signs of recovery. Wolfgang Eder, chairman of the European Iron and Steel Federation (Eurofer), said demand for the European automotive and construction industries will be weaker this year than last year, and expectations for energy demand are even more pessimistic.
In 2012, European steel apparent consumption fell to 142 million tons, down 30% from the 2007 peak of 201 million tons, which means that 60 million tons of demand has been lost. At present, the steel production capacity in Europe is about 200 million tons. It is estimated that the EU 27 steel consumption will not exceed 160 million tons in the next three years, and it is necessary to turn off about 40-50 million tons of production capacity. Eder said that EU steel production capacity will further shrink. By 2030, the EU-27 crude steel capacity will be further reduced to about 50 million tons from 2.1-2.15 million tons after a sharp decline 30 years ago. At the same time, the employment of the EU steel industry fell from 1 million in 1970 to 369,000 in 2012.
Eder warned that if steel mills do not turn off excess capacity and prevent price declines, they are destroying their own industries. They also call on governments to respect the reasonable shutdown plan of steel companies.
High cost and weakened competitiveness
At present, European steel mills are facing structural profit squeeze and the profit margin is narrowing. The dominance of the European market is shifting from steel mills to end users, while pricing power is slowly shifting to upstream raw materials, which account for 70% of steel costs. In addition, Europe's high costs include energy costs, additional policy costs and environmental costs associated with reducing carbon emissions, making European steel companies less competitive in the international market.
Climate policy has been the main driver of rising energy prices in Europe. The average industrial electricity price in the EU is twice that of the United States, and natural gas prices are 2-3 times higher than in the United States, and far higher than the price levels of major developing economies. The government should narrow the average energy price difference between EU companies and competitors such as the United States. Under the current situation, the European steel industry has no possibility of further reducing raw material and energy costs, and the European Commission has avoided talking about Europe's high energy prices. Due to climate and energy policies.
Europe's ambitious emission reduction targets indirectly increase the cost of enterprises, increase the burden on enterprises, and make European companies at a disadvantage in global competition. The latest emission reduction target of the European Commission is to reduce greenhouse gas emissions by 40% by 2030, far exceeding the previously determined reduction of 20% by 2020. This reduction target has been criticized by the European Iron and Steel Federation (Eurofer). Eurofer said that the European steel industry is demanding compensation for the increase in indirect costs generated by the policy, otherwise it will be difficult to participate in global competition. In response to the emission reduction targets, ArcelorMittal led the development of the ULCOS project, which was not affected by the financial crisis. progress. The company is now working with the French research department to develop a research project called Low Impact Steelmaking (LIS), which aims to reduce CO2 emissions from carbon steel production and carbon dioxide recovery in a more economical way through technological innovation.
In addition, due to strict European policies and regulations, steel companies must also spend more administrative and administrative costs. High energy and management costs have led European steel companies to reduce their investment in innovation and investment, and it is difficult to attract new steel projects.
Equipment shutdown plan is under pressure
In the face of shrinking demand, European steel companies have to cut production, and some blast furnaces will be temporarily closed or permanently closed. But the problem is that it is difficult for companies to make reasonable shutdown decisions under the influence of governments. Closing production capacity, especially permanent closure, will cause strong opposition from local governments and employees, and European governments are also actively intervening. Steel companies shut down production capacity. For example, ArcelorMittal, Europe's largest steelmaker, plans to permanently close two blast furnaces at the Liege plant in Belgium and the Flore plant in France. This decision was strongly protested and blamed by the leaders of the national government. Under pressure, ArcelorMittal once said that it would postpone restructuring plans and layoffs in Europe and more closure plans until the European Industrial Action Plan of the European Industry Council was introduced at the end of June. However, in accordance with an agreement by the French government to close the loss equipment, but not allowing layoffs, ArcelorMittal eventually started the closure of two blast furnaces at the French Florange plant, which is expected to close at the end of June. The company said it must face the fact that the European economy is undergoing tremendous changes and adjust accordingly to bring a sustainable and profitable future to European mills with specific and high value-added products, or face greater risks.
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