ThoRe Steel Trading becomes a member of EUROMETAL
ThoRe Steel Trading GmbH, an internationally active steel trading company based in Krefeld, Germany, has joined EUROMETAL as a member.
ThoRe Steel operates across all facets of steel trading and provides comprehensive services – from procurement and logistics to commercial and regulatory support.
Serving as a central interface between customers and suppliers, ThoRe Steel coordinates complex transactions across the entire value chain.
With a strong focus on simplifying trade, ThoRe Steel manages the demands of international business, ensuring smooth and efficient processes for all stakeholders.
The product portfolio encompasses plates, slabs, coil products, surface-coated materials, engineering steel round bars, tool steel and all kind of special steels.
Core markets are Northern and Central Europe, encompassing both international imports and intra-European trade.
Through its established supplier network, ThoRe Steel supplies quality steel products to industries engaged in infrastructure, construction, machine building, renewables, shipbuilding, and mechanical engineering, with processing centers and stockholders also among its key customers.
Through its EUROMETAL membership, ThoRe Steel looks forward to active exchange, shared insights, and contributing to a stronger, more connected European steel community.
Discover more: thore-steel.de
Pipemaker Schoeller resumes power plant business
German pipemaker Schoeller Gruppe is re-entering the power plant business after a five-year hiatus and has led initial negotiations in China and South Korea, Kallanish hears.
The decision to resume supply of pipe to the power plant segment was supported by geopolitical developments, improvements in quality and process stability, and favourable conditions among material suppliers, says the producer of welded stainless pipe.
To actively engage with key markets, members of the sales team travelled to China and Korea to establish and strengthen business relationships, while gaining deeper insights into market trends and ongoing projects.
Over two weeks, meetings were arranged with leading companies in China in the energy and infrastructure sector, and in Korea with businesses specialising in power plant construction, offshore solutions, and heat exchangers. One meeting in China led to a concrete and promising inquiry, the company points out.
“The ‘Made in Germany’ label and the Schoeller brand hold a strong reputation in our target market,” says manager Bernd Jansen. “In cases where projects are internationally tendered, and Chinese suppliers are excluded from consideration, we have a level playing field, giving us a strong competitive advantage,” he notes.
Christian Koehl Germany
EU’s Indonesia, Korea, China steel imports surge: ISSB
While the EU’s overall finished steel imports fell 15.6% year-on-year in February to 1.7 million tonnes amid weak end-user demand and anticipation of tighter trade measures, South Korea- and China-origin intake bucked the trend, according to ISSB.
Indonesia also dramatically expanded its presence in the EU market, with imports of finished steel into the EU increasing five-fold to reach 99,000t in February, Kallanish notes.
Shipments from South Korea surged 28.7% to 303,000t, while Chinese deliveries rose by 10.7% to 169,000t compared to the same month last year, ISSB reports. Both countries had already seen record-high sales to the EU in January.
Meanwhile, preliminary Chinese customs data indicates that Europe continued to absorb large volumes of Chinese finished steel in March. Exports to Europe totalled 256,000t, following 307,000t in February and 277,000t in January. Korean exports to the EU also remained strong, amounting to 268,000t in March after registering 319,000t the previous month, ISSB notes.
The rise in Asia-origin steel imports comes even as key European demand sectors show signs of weakness.
Separately, ISSB notes that in February, the UK’s finished steel imports jumped 27.3% year-on-year to 498,000t, “following the country’s [Tata Steel UK’s underway] transition to electric steelmaking.”
Deliveries from major EU suppliers rose, including Spain and Germany, while Turkish- and Vietnamese-origin imports slumped by 33.2% and 63.4%, respectively. Nevertheless, imports from South Korea and China increased by 16.1% and 5.1% respectively.
On a global scale, China’s total finished steel exports rose 6.3% year-on-year in March to 10.5 million tonnes, even as the total export value declined by 4.8% in US dollar terms.
South Korean finished steel shipments to overseas markets stood at 2.2mt in March against 2.3mt in the same month a year ago.
Elina Virchenko Turkey
Austria’s Pisec files for insolvency amid market pressure
Austrian steel trader Pisec Group Holding and its subsidiary, Pisec Group Austria, have officially filed for insolvency with the Commercial Court of Vienna, citing mounting economic pressures and a sharp decline in market demand.
“Despite promptly initiated discussions with banks and potential investors, no viable solution could be found within the limited timeframe available that would have enabled the continued operation of Pisec Group Holding GmbH and Pisec Group Austria GmbH,” management representative Karl Pisec says in a letter to customers seen by Kallanish. “For this reason, the management was compelled to prepare insolvency filings for both companies, which were submitted … April 17th 2025, to the Commercial Court of Vienna.”
Global disruption in commodity markets has severely impacted operations, he notes. This disruption was compounded by a significant drop in demand across major sales markets, especially in the United States and Europe, critically affecting the group’s financial stability.
According to media reports citing creditor protection organisation AKV, Pisec maintained long-standing strategic relationships with Belarusian steelmaker BMZ. Pisec Group Austria GmbH was responsible for the independent distribution of BMZ products to Western companies. Belarus, similar to Russia, is heavily sanctioned by the West following its involvement in the war in Ukraine.
KSV, another creditor protection organisation, reports that the insolvency of Pisec Group Holding GmbH will affect eight employees and 14 creditors. Debtor information indicates that liabilities are estimated at approximately €109 million ($124m), with about €78.5m consisting of guarantees for bank liabilities of subsidiaries.
Some parts of the group could continue to exist in order to manage the liquidation process, according to Kallanish sources. This refers particularly to the group’s operations in the United States and Poland, although these operations are likely to continue only until inventories are sold off.
Pisec Group Holding did not respond to Kallanish request for comment.
Founded in 1950, Pisec Group was active in trading of raw materials and steel products. According to the company’s website, Pisec Group Austria GmbH, headquartered in Vienna, operated several international sales offices. Its offices in Miami and New York served customers in the Americas with specialty steel products. An office in Katowice, Poland, focused on long and flat steel products sourced globally. Additionally, the group maintained a sourcing office in India.
In 2022, the group expanded further through the acquisition of the ESB Group, strengthening its presence in Central Europe with a focus on flat-rolled products, individually cut to meet customer requirements.
Elina Virchenko Turkey
Liberty Liege declared bankrupt, several buyers show interest
Liberty Steel’s Liège facility in Belgium has been declared bankrupt and already attracted attention from multiple potential buyers, sources familiar with the situation tell Kallanish.
These include NLMK and ArcelorMittal, according to sources, while Tosyali, rumoured to be among the interested parties for Liberty’s Dudelange unit in Luxembourg, may also be in the running.
Neither Liberty, NLMK nor ArcelorMittal provided comment before deadline.
The Liège facility was officially declared bankrupt on 22 April by the Tribunal de l’entreprise de Liège, or Liège enterprise tribunal. Dudelange and Liège have not engaged in any production for over two years. A union source indicates the Walloon region has declined to provide additional funding to the company, and two receivers have been appointed to oversee the sale process.
Liberty plans to divest its operations in Magona, Italy, as well as its facilities located in Liege and Dudelange. The Magona re-rolling facility in Piombino is currently at risk of bankruptcy, as attempts to find a buyer have not been successful (see Kallanish passim). This comes despite reports of interest from several companies.
Unlike Dudelange and Liège, Magona has successfully sustained its production levels and continued operations in recent months. Capacity utilisation is currently varying between 40% and 50%, depending on the supply availability of coils.
Meanwhile, another union source confirmed recently that the sale of Liberty Steel Dudelange is still on hold and there have been no updates given to the workforce on the sale process; however, the prospective buyer has assured the retention of all 140 employees.
In February, the receiver informed trade unions that a decision had been made regarding the buyer for the plant, which is speculated to be Tosyali (see Kallanish passim). The source indicated there is currently no specified date for the conclusion of the Dudelange sale.
The combined rolling capacity of the three Liberty facilities exceeds 2.5 million tonnes/year.
Natalia Capra France
Italian coil prices stagnate as import offers decrease
Italian coil prices have remained stable since the start of the month; however, there is a notable lack of purchasing activity, Kallanish hears from buyers and sellers.
Last week, the Easter and 25 April holidays, along with the restrictions on truck circulation, contributed to a deceleration in activity and negatively impacted sales. This week is anticipated to be relatively subdued, with many expected to take extended leave for the Labour Day holiday.
However, the current market slowdown can be attributed less to the holiday season and more to the anticipation surrounding potential price fluctuations at the upcoming trade show in Milan next week.
Several sources prepared to purchase small quantities state they are waiting for the trade fair, where several Asian traders are anticipated to attend and prices will be more clearly determined.
Several industry insiders expect prices will drop in May due to the impending sharp fall in scrap values, as well as in coil import prices from various regions, including Asia, Turkey and Saudi Arabia.
Recent hot rolled coil import offers from Indonesia and Malaysia are reported in the range of $570-580/tonne cfr, which translates to approximately €502-510/t.
Quotes from Turkey are currently being reported at €570-580/t cfr duty paid and €550-560/t cfr from Saudi Arabia.
Transactions for domestic HRC are reported to be stable at around €630/t delivered.
A mill source reports buyers are adopting a cautious approach; however, material availability remains limited in Europe and northern European lead times are extending.
Natalia Capra France
Polish steel industry: “era of naïve globalisation” is coming to an end
Polish steel industry is urging Prime Minister Donald Tusk to follow through on his recent promise to “repolonise” the national economy, and authorities to publish the eagerly-anticipated national steel plan.
Earlier this month, Tusk said the “era of naïve globalisation” is coming to an end and that the government, rather than observing passively, would take a more active role in supporting the national economy. This will include measures such as mandating state-owned firms and projects to choose domestic contractors and suppliers. It will also mean supporting the conversion of some plants to produce military equipment.
Poland has a high share of state ownership in the economy. One of these assets is now plate producer Huta Czestochowa (HCz), which is in the process of being acquired by the defence ministry. Tusk said the move has been made to rescue the steelworks from the troubled ownership of Liberty, but also so that Poland’s army and defence suppliers have raw materials supply. State-owned assets will focus not only on profit but also long-term public interest and economic security.
Tomasz Slezak, chief executive at state-owned Weglokoks, currently operating Huta Czestochowa, stresses Tusk’s comments do not spell nationalisation of industry but rather mobilising business to act in the interest of national security.
“We know that, as a rule, private businesses are better run [than state firms], so [nationalisation] is not a good direction to go in,” he said during last week’s European Economic Congress in Katowice attended by Kallanish. Prime Minister Tusk simply wants to ensure that Polish businesses benefit.
Globalisation previously served the interests and prosperity of the West but has ended with technology being transferred to the rest of the world and with huge costs for Europe, he added. “I have the impression that everyone in Europe has answered the question, we need industry. Even if it’s due to the threat of war, we need the steel industry,” he noted. In Europe, this push has happened slowly, but it will dictate future economic direction, he added.
Stalprofil chief executive Henryk Orczykowski said repolonisation is a “media slogan”, which in fact means protecting what is Polish and local jobs. He added: “My heart, as well as probably the heart of many businessmen has been filled with hope … Prime Minister, do as you say! Put it into action.” Even if the measures are only 50% effective, there will be relief for business in the form of deregulation, market protection and energy, he noted.
Asked whether HCz can satisfy the needs of Poland’s defence industry, Slezak said it can satisfy a portion and aims to increase this.
Przemsylaw Sztuczkowski, ceo of Cognor, which owns Huta Stali Jakosciowych (HSJ), another steelmaker serving defence, said he was more optimistic, claiming Polish industry can meet defence demand. HSJ already supplies plate for Polish tank production and the Polish army recently placed a new order.
Orczykowski warned of the importance of indigenous steel production to national security. While importing steel components during peacetime is fine, “if war really does break out on our territory, everyone will look after their own – no one will supply that to us,” he said. The state must therefore have an influence over this production, as well as over who builds the critical infrastructure required to ensure society functions, he added.
Since all parties are agreed that steel is critical, measures are now required to support the industry, said Polish Steel Association (HIPH) ceo Moryslaw Motyka. State aid should be extended to greenfield steelmaking projects to, for example, ensure supply of hitherto not produced types of steel for defence. CBAM must be extended to cover steel-containing goods, and an EU safeguard replacement is needed, he added. Energy costs must meanwhile be below €60/MWh.
The Polish government has drafted a national steel plan, which it plans to publish imminently to invite consultation from industry, said Grzegorz Jagielski from the Polish industry ministry’s mining and metallurgy department.
Sztuczkowski, who was involved in drafting the document, urged the government to forget about further consultations and immediately implement the measures outlined. “We drew up … a very good document, in my opinion. A document which absolutely includes all the proposals that should be realised … There is absolutely no time left for consultation.”
Adam Smith Poland
EU steelmakers & distributors demand whole value chain support
Europe’s steelmakers and steel distributors and processors have continued their alliance calling for measures to support the continued existence of the European downstream steel-using industries.
In a joint note, Eurofer and Eurometal warn that processors “face substantial challenges to remain competitive and require stronger, more targeted support.” They add: “A steel industry confronted with a shrinking customer base, particularly in downstream sectors, poses broader risks for the entire European industrial ecosystem, as the same accounts for the European steel customer base that requires a viable steel industry in Europe.”
Just a few years ago, in the pre-Ukraine war and pre-Covid era, such close alignment between producers and distributors on policy issues was a rare occurrence. But rapidly shrinking steel production and demand in Europe, coupled with the geopolitically fragmented world of today mean Europe’s steel value chain must come together to fight for its existence, Kallanish notes.
Eurofer and Eurometal met to discuss collaboration after the European Commission’s Steel Dialogue on 4 March, with Eurometal raising concerns regarding the impact of imported steel derivatives on European distribution, processing, and manufacturing.
Both organisations agree that a robust manufacturing base is “essential for strategic autonomy and involves the entire steel supply chain – including both steel production and processing.” The Steel and Metals Action Plan represents a strong starting point, where the European Union recognises industry challenges and importance, but “this requires concrete translation into effective regulatory frameworks”.
Eurometal represents a significant portion of the intermediate steel processing market in Europe – comprising nearly 50% of deliveries in the EU, the statement adds.
The weakening of this supply chain puts at risk 13.6 million direct jobs across steel processing, intermediate suppliers, and manufacturing sectors in the bloc, and threatens a wider European deindustrialisation, it continues.
“The focus of European policymakers needs to be expanded to the complete supply and value chain of our industry,” says Eurometal president Alexander Julius. Eurofer director general Axel Eggert meanwhile says the organisation “appeals on EU policymakers to support our joint efforts”.
At least as far as trade is concerned, the EU has already promised, as part of the Steel & Metals Action Plan, to extend the Carbon Border Adjustment Mechanism (CBAM) to cover downstream products.
Adam Smith Poland
Nikos Vettas at IREPAS: Overview of latest developments in global economies with focus on EU challenges
During his presentation at the SteelOrbis 2025 Spring Conference & 92nd IREPAS Meeting held in Athens on April 27-29, Nikos Vettas, general director and founder of the IOBE and professor of economics and business at Athens University, talked about economic challenges globally and in Europe, providing a complete macroeconomic overview and focusing on protectionism, trade flows, political tensions, and the role of demographics and technology in global development.
Global sentiment
According to the OECD, as Mr. Vettas pointed out, global business sentiment in the last four years was steady, but consumer sentiment has been weakening since late 2024, especially in the euro area, driven by the US market. The weakening of consumer sentiment has been reflected in the downwards revision of growth forecasts, but the revisions have been moderate so far.
Global market trends
Public debt growth is a significant indicator of the level of spending that countries are putting into the market, Mr. Vettas noted, stating that after the Covid crisis public debt in advanced economies rose significantly. He went on to state that markets rallied in advanced economies during 2022-24, but stalled in 2025 amid increasing uncertainties in global policies and with oscillations in energy prices. “We are going to be in a world with higher money costs and higher energy costs, and my sense is that this is going to last for the next five years for several reasons,” he said.
When it comes to metal prices, gold has reached historical highs, Mr. Vettas noted, whereas other metals, such as aluminum, copper, iron ore, lead, etc. have eased since their peak in 2022. Following the war in Ukraine, global food commodities also peaked, and inflation had a significant role in this, as global food commodities are a key indicator defining inflation as well. Another fundamental indicator is currency exchange rates. “Foreign exchange rates are notoriously hard to predict, because they are very deep markets and whatever expectations people have are very quickly incorporated into prices. The only thing that appears clear so far is that oscillations will continue, and the weakening of the dollar is not finished yet,” he stated.
International trade
Mr. Vettas next commented that the volume of global trade has not yet decelerated after the shock of the pandemic crisis, but trade policy uncertainty is even higher than that experienced just after Covid. This is partly due to the protectionist policy put forward by the new US administration. So far, however, the announcements of higher tariffs have not been impacting trade or investments a lot, Vettas said, while pointing out that they have been freezing investments because everybody appears to be waiting for more clarity.
US imports have accelerated rapidly in the past few months, Vettas said, reflecting a likely stockpiling strategy of businesses ahead of anticipated tariffs on a broader range of imported goods. In this scenario, he noted, the tariffs imposed by the EU and the US on each other’s imports were among the lowest among their main trading partners: the average tariff rate imposed by the EU on imported products was 2.7 percent, whereas the average tariff rate imposed by the US on imported products was 2.2 percent, until recently.
European challenges
Vettas said that European industry is facing a number of challenges, among which a more static rather than dynamic industrial structure, the green transition, the productivity gap between the EU and the US, the demographic downturn, the lack of digital skills, defense spending and immigration flows.
Vettas pointed out that the productivity gap between the EU and the US measured by GDP per hour worked has widened from 15 percent in 2002 to 30 percent in 2023, and only ten EU member states spend at least two percent of GDP on defense versus the six percent or more for the US. When it comes to demography, he said, the EU population is projected to gradually decrease to 447.9 million in 2050 and to 419.5 million in 2100.
The median age of the EU population is expected to increase by 5.8 years between 2022 and 2100. “We’re getting older and fewer,” said Vettas, adding, “You cannot be a society where half of the people are not producing. If you are, then you have to make sure that the younger generations are empowered with very strong technologies. And since we’re talking about productivity, even though in Europe there is a very broad and high-quality education system.
When you go to the average population – and this is partly because the average population is elderly – you see that in terms of digital skills we’re not doing great.” One last challenge for the European Union is how to manage immigration flows.
According to Vettas, there is significant room for improvement regarding the integration of existing migrants and refugees in areas such as education, political participation, rules on permanent residence and citizenship, basic rights and discrimination, as better integration promotes economic growth, social cohesion, and prosperity.
Speaking of the green transition, he said industries soon realized that it was going to be highly costly in the short term, as the EU’s climate neutrality targets are far more ambitious compared to those of its competitors.
Conclusions
In this scenario, Vettas said that the global economy has had to absorb major crises in the last few decades: the collapse of Lehman Brothers, the debt crisis in Europe which challenged the stability of the euro, Brexit, the Ukrainian-Russian war in Europe, inflation going from almost zero to extremely high levels, more tension in the Middle East, and now what we see coming from the US, which is “perhaps redrafting the whole textbook on global trade”. In spite of all this, he said, the global economy did not experience major downturns.
Vettas said he believes there are two possible conclusions: the optimistic one is that the global economy will continue to be resilient, while the pessimistic one could be that at some point the system will collapse. If it does, this is going to cause a reduction in global trade and a growth in protectionism, while, in his view, the probability of this second scenario is about 10 percent.
Jamie Mcleod at IREPAS: EU is taking steps to simplify CBAM but not weakening it
Speaking at the SteelOrbis Spring 2025 Conference & 92nd IREPAS Meeting taking place in Athens on April 27-29, Jamie Mcleod, director at consulting firm Crowe U.K. LLP, talked about the EU’s Carbon Border Adjustment Mechanism (CBAM) which is in its transition period right now, stating that in January 2026 the definitive period starts, imposing a levy on carbon-intensive goods imported into the EU, with steel being the most affected good.
Mr. Mcleod said that the transitional period is only the reporting phase and the 5th quarterly report is due to be submitted in April, marking the third report requiring actual emissions data, as default values are no longer permissible for the rest of the transition period.
He underlined that obtaining reliable and complete actual emissions data remains a significant challenge. If actual data is unavailable, CBAM declarants must demonstrate that they have made all possible efforts to obtain it.
Regarding the CBAM, Mr. Mcleod stated that, apart from the obvious results, another practical result of the mechanism is that it will generate billions of revenues for the EU.
The EU is taking steps to simplify the CBAM but is not weakening it. He went on to say that the EU is proposing a mass-based threshold of 50 mt per importer per calendar year, meaning that, if an importer imports 50 mt for the whole year, they will be exempt from CBAM obligations. However, he noted, most steel importers will be over that threshold.
He warned that, from 1 January 2026, only authorised CBAM declarants can import CBAM goods into the EU.
If you are supplying to EU, you need to be authorized and applicants must have a strong compliance history, no customs debts, sufficient financial standing to meet their CBAM obligations, and suitable internal processes to demonstrate adequate CBAM management.
While EU importers are directly responsible for CBAM reporting and charges, the CBAM impacts the whole supply chain, the Crowe U.K. official pointed out.
Touching upon the UK’s CBAM, Mcleod indicated that it will come into effect in 2027 and that there will not be a transition period, adding that alignment between the UK and the EU could mitigate trade impacts for trade of CBAM goods between the parties.