My thoughts in the Institute of Welsh Affairs on the major challenges of the European steel industry:
Click to read the full article by Sanjoy in the IWA
Extract:
Steel isn’t big business, it’s massive business. But its losses can be equally huge. Even in today’s high-tech, AI-enabled world, steel remains an economic cornerstone. McKinsey estimates it contributes €80 billion in direct value to the European economy, plus an added €1 trillion to the automotive, machinery and construction sectors. The employment stats are equally impressive: some 300,000 direct jobs plus over 2 million more in the supply chain and induced activities. Steel still matters.
Right now, the industry finds itself in a period of major uncertainty. British and European steelmakers face a daunting combination of challenges: falling demand, fierce global competition and the challenges of decarbonisation.