EU exports to US buck overall negative trend

European finished steel exports to the United States are bucking the trend of overall export decline from the continent to third countries, Kallanish learns from the latest data published by Eurofer.

In the fourth quarter of 2021, exports of finished products from the EU to the US jumped 43% on-year, thereby re-establishing the US as the third-largest importer globally of European finished steel, after Turkey and the UK.

In full-year 2021, 2.2 million tonnes of finished products were exported to the US by European steelmakers, up from 1.6mt in 2020. The figure could well increase further this year after the implementation from January of the US-EU trade deal that will swap US Section 232 tariffs for a tariff-rate quota system.

In 2021, European steelmakers exported less than 20mt of finished products, down marginally from 2020 levels. Back in 2012, the continent was exporting over 30m t/year of products, Kallanish notes.

The negative trend seen during the last ten years for finished steel exports has impacted most destinations. The US is among the few markets that could well increase trade with Europe in the medium term. Between 2014 and 2018 Europe was exporting 3-3.5mt/y of finished steel products to the US, according to Eurofer data.

Emanuele Norsa Italy