Chinese carmakers will offset auto steel demand decline in Europe, Thyssenkrupp steel boss says

By Reuters News

- Chinese automakers expanding production in Europe will more than offset a drop in local steel demand caused by struggling legacy rivals, the CEO of the continent's second-largest steelmaker, Thyssenkrupp Steel Europe, said on Monday.

Chinese automakers will account for around 900,000 tonnes of automotive flat steel demand in the European Union by 2033, Marie Jaroni said, compared with zero in 2025, which would give them a 6.3% share.

"They build factories and supply chains," Jaroni told investors during a capital markets day, mentioning BYD 002594.SZ, Chery 9973.HK and Geely 0175.HK.

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk