Conference Overview
The Ukraine war impact has derailed the post-Covid recovery in the global flat steel market, while China’s much anticipated demand rebound following the end of its zero-Covid policy is yet to materialise. Although inflation pressure and energy costs have eased since last year, steel-consuming investment remains subdued worldwide. The reconstruction of multiple Turkish cities following February’s devastating earthquakes is nevertheless expected to require substantial steel tonnages, while attention is also already turning to the requirements for reconstruction in Ukraine. In Europe, the fate of a major flat steel supplier remains in the balance, while the US and Asia are investing in substantial new capacity. No matter today’s perturbations, though, the future of flat steel is most certainly green. EU policy is pushing regional steelmakers to plough ahead quickly with decarbonisation despite the cost risks involved. Some producers in other regions are acting to ensure they can tap the EU’s future green steel demand, either through new green steelmaking investments or partnerships with EU producers. The imminent rollout of CBAM may accelerate this process and simultaneously lock the higher carbon emitters out of the European market. But it leaves a big question mark over whether EU flat steelmakers will still be able to export competitively. Flat Steel 2023 will aim to tackle all these issues and look ahead into demand and pricing prospects in 2024.
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