The European steel industry faces a significant crisis as rising tariffs by the US and increasing competition from cheaper Chinese steel threaten its viability. Ilse Henne, from ThyssenKrupp, highlighted that the steel sector's decline could destabilize supply chains across various industries reliant on steel. She stressed the urgency for Europe to intervene to protect its steel industry, emphasizing not just economic implications but also national security concerns tied to military manufacturing needs. The situation is exacerbated by the influx of Chinese steel and lingering Russian steel in the market.
Steel is at the beginning of the value chain, so you create a lot of instability for all these supply chains that get disrupted that now all of a sudden have to deal with much more expensive steel.
If the European steel industry disappears, we will have a lot of collateral damage. A weak European steel industry is not only a weak European steel industry.
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