The major subject of conversation at a news conference organized by the Turkish Steel Exporters' Association (B) today was the effect of power costs and world events on the production and exports of the Turkish steel industry. The organization also revealed its goals through 2023.
Due to the adverse impacts of rising energy prices and inflation, expected global recession, and the war between Russia and Ukraine, Turkey's steel exports, which had been on the rise in the first half of 2022, fell by the end of the year. The nation's steel output dropped by 12.9% to 35.1 million mt, while exports dropped by 17.7% year over year to 19.6 million mt.
Due to a decline in its competitiveness amid the significant increase in energy costs, particularly when compared to its competitors in the EU, the steel industry, which was the sector that contributed the third largest share of the nation's exports in 2021, dropped to fourth place in the export ranking this year.
Adnan Aslan, chairman of the B, noted that the main markets for the Turkish steel industry—the US and Europe—have experienced a decline in steel demand. He added that if the energy crisis and the slowdown in demand persist, the Turkish steel industry will prioritize maintaining its current level of production rather than raising it in 2023.
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only
