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In November 2024, the PT520Q steel production of the EU construction industry increased by 1.3% compared to the previous month. Among EU countries, Slovenia (+9.5%), Slovakia (+5.4%), and Romania (+4.7%) had the highest monthly increase in construction production. The largest declines were in Portugal (-3.9%), Hungary (-2.0%), and Finland (-0.9%). Since the end of 2020, due to strong government PT520Q steel support, the construction industry in the European Union has been in a long-term recovery phase, boosting demand for steel products. However, since the beginning of 2023, the European construction industry has been affected by macroeconomic issues and market uncertainty. Compared to 2022, the average annual output of the EU construction industry increased by 0.1% in 2023. According to the forecast of the European Steel Association, by 2024, the construction volume in the EU PT520Q steel will decrease by 0.4% year-on-year. It is expected that there will be a positive growth trend of 2% by 2025.
