Statista Research Department has reported the global projected demand for finished steel products in 2023. Europe will have the 2nd highest demand. Estimated steel demand from Asia & Oceania is at 1,284.6 million metric tons, 196.7 million MT for Europe, and 52.9 million MT for the Middle East. Central South America will have a demand of 48.2 million MT, and the projected demand for Africa will be 41.9 million metric tons.

EURIC is the association that represents the interests of the European recycling industries at the EU level and aims to promote the European Circular Value Chain. The European recycling industry has become a champion of steel recycling. In the last two decades, the supply of recycled steel scrap has been increasing than the need of Europe. EU needs to provide incentives to boost the efficient use of steel scrap to transition from carbon-intensive to climate-friendly technology.

EU’s sanctions on steel scrap export will restrict its flow and impediments the circular economy. EURIC requires priority base legislation to control carbon emissions and improve steel circularity by using 30% recycled steel with electric arc furnaces.