EU steel exports to the US dropped by 1 million tons, resulting in losses of 2 billion euros

According to the latest trade statistics, due to the continued impact of the US tariff policy, the EU’s steel exports to the US in 2024 fell sharply compared with the previous year, a decrease of more than 1 million tons, causing economic losses of about 2 billion euros.

Industry insiders pointed out that the sharp drop in exports was mainly related to the US’s continued imposition of high tariffs on some EU steel products. Although the US and the EU have negotiated on steel and aluminum tariffs, substantive mitigation measures have not yet been put in place, resulting in a significant increase in the cost of EU steel companies exporting to the US market and a serious weakening of their competitiveness.

“This not only directly hits European steel producers, but also poses a challenge to the entire steel supply chain.” A representative of the European Steel Association said that many steel mills are currently adjusting their export strategies and turning to emerging markets such as Asia, the Middle East and Africa to seek alternative opportunities.

Affected by the decline in exports, the European steel industry is facing multiple challenges such as overcapacity, rising inventory pressure and declining profits. At the same time, domestic steel prices in the United States have continued to rise due to reduced imports, indirectly affecting local manufacturing costs.

Analysts believe that if trade frictions continue for a long time, it will not only damage the EU’s export interests, but may also undermine the stability of the global steel market, prompting more countries to adopt protectionist measures and exacerbating international trade tensions.