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"Demand for steel in Germany is much weaker this year than expected in April and there is still no real recovery in sight for 2025," said Martin Theuringer, Chairman of the Worldsteel Economic Committee and Managing Director of the German Steel Federation, on Tuesday. In spring, Worldsteel was still expecting a slight increase for manufacturers in Germany in 2024. Now a decline of seven percent to 26 million tons is forecast.

For heavy industry, with industry giants such as Thyssenkrupp, Salzgitter and ArcelorMittal, this is an absolute low, which is almost ten percent below the level of the global financial crisis, explained Theuringer. For 2025, Worldsteel expects growth of just under six percent for Germany. However, this is extraordinarily low. Since 2017, the steel market in Germany has lost around 35% in volume, more than twice as much as in the European Union as a whole.

"Almost all steel-processing sectors are currently in reverse gear", which will not end in 2025, the expert emphasized. Worldsteel expects global demand to grow by around one percent in 2025. However, demand had previously fallen sharply for three years in a row. The economic crisis in China in particular is having a significant impact on the global steel markets.