6 February 2026 – The earnings season of European steel producers has begun, and the first results have already caused more than a few raised eyebrows.
EU Steel Producers Earnings Reports Raise Eyebrows
The reporting season for European steel producers is underway, and the initial results are already proving surprising.
For example, Europe’s largest steel producer exceeded earnings expectations by more than 5% – a result that sits uncomfortably with the apocalyptic media and political narrative surrounding European steelmaking over the past 12 months. EBITDA in the group’s European segment also rose by nearly 25% year-on-year.
Lower Crude Steel Output, Unchanged Shipments
Equally striking is the fact that despite a 6.6% decline in crude steel production compared with 2024, deliveries of steel products in 2025 remained virtually unchanged. Through this substantial efficiency gain, the steelmaker was able to avoid the production costs associated with more than 2 million tonnes of crude steel.
However, there are strong indications that crude steel produced in 2024 played a decisive role in achieving this “immense efficiency improvement” – a practice often referred to in industry jargon as order book shaping.
At the Brink of Ruin: Nothing more than an economically motivated story
Once again, the narrative of European steelmakers standing on the brink of ruin appears to be little more than an economically motivated storyline, designed to pressure policymakers with alleged job losses in order to extract further subsidies and market protection. At the expense of small and medium-sized enterprises and consumers – which can only be regarded as despicable and communist.
EU Stainless Steel Producers Victims of Their Own Market Policy?
One stainless steel producer also published its 2025 results today, reporting a collapse in net income of almost 96%. The company cited falling stainless steel prices and weak demand in the European market as the primary reasons.
Shareholders, however, are unlikely to be too disappointed, as the group is maintaining its dividend of EUR 2 per share.
Declining demand and falling prices are, however, textbook examples of what happens when markets are unsettled by erratic pricing policies or unsustainable rumours – such as the alleged early introduction of the successor to the EU steel safeguard measures on 1 April 2026 – circulated to prop up one’s own sales.
In this case, the strategy clearly failed.
Perhaps it is time to return to a rational pricing policy, a constructive market tone, and genuine competition. There are, after all, ways to highlight positive developments-rather than constantly pointing fingers at others.
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