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

By Reuters News

FRANKFURT, Sept 28 (Reuters) - 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 brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.