Belgium increased steel production by 21.1% y/y in 2024

Belgian steelmakers produced 7.1 million tons in 2024, up 21.1% from 2023. Thus, the country ranked 24th in the global ranking of steel producing countries (71), while in 2023 it was 25th, according to World Steel.

The Belgian steel industry achieved significant growth in 2024, reaching its highest level since 2019, in particular:

• 2019 – 7.8 million tons;
• 2020 – 6.1 million tons;
• 2021 – 6.9 million tons;
• 2022 – 7 million tons;
• 2023 – 5.9 million tons.

The sharp rise in steel production in Belgium in 2024 is due to several key factors. After a downturn in 2023 caused by the energy crisis, declining demand and high CO2 emissions, Belgian steelmakers were able to take advantage of the recovery in European industry, stabilizing energy markets and growing orders in the construction and automotive sectors. The expansion of electric arc furnace capacity, which is in line with the country’s decarbonization drive, also played an important role. At the same time, the industry continues to face challenges, including the need to invest in green technologies, competition from cheaper imported steel, and the risk of a shortage of scrap metal, which is the key raw material for the country’s steelmakers.

Overall, steel production in the European Union increased by 2.6% in 2024 compared to 2023 – to 129.5 million tons. Global steel production for the year amounted to 1.84 billion tons, down 0.9% year-on-year.

Belgium has 4 steel plants, including one blast furnace plant in Ghent (annual capacity of 2.5 million tons of steel) and three electric arc furnaces – two in Charleroi (1 million tons and 800 thousand tons) and one in Genk (1.2 million tons). These are enterprises of ArcelorMittal, Aperam and Riva.