In its latest economic outlook, the association said apparent steel consumption fell in the third quarter, down 3.1% from the same quarter in 2018. Leading indicators suggest the slump continued in the remainder of the year, it added.  

“The current downturn of the manufacturing sector in the EU is not likely to bottom out in the very short term,” the association said, adding that uncertainty surrounding the Brexit deal and escalating trade wars between the U.S and its trading partners, particularly China, are major risks.  

“These factors are set to weigh on trade conditions during 2020, and may even lead to a further deterioration in business sentiment and seriously hamper investment growth.” 

The association is forecasting that apparent steel consumption will rise by 1.2% in 2020, but the growth will likely be more the result of a modest re-stocking rather than a significant rebound in demand from steel users.