Irish Steel , Ireland's exclusive organisation for the metal fabrication and manufacturing industry, has released its End-of-Year Report on the Irish Steel Industry for 2024, providing critical insights into global steel market trends, Ireland's economic performance, and the evolving opportunities and challenges for the sector.As the backbone of Ireland's construction and manufacturing industries, the steel sector faces a transformative period.
Irish Steel's report explores how global economic shifts, sustainability imperatives, and technological advancements are shaping the future of the industry.After significant volatility, global steel prices have stabilised, bolstered by China's economic stimulus initiatives and increased infrastructure spending worldwide.However, the industry's transition to'green steel' manufacturing, driven by the EU's Carbon Border Adjustment Mechanism (CBAM), presents both challenges and opportunities for producers.: Ireland's economy performed robustly in 2024, with record- high employment levels and strong tax revenues. Despite these positives, the steel sector faces acute labour shortages, rising operational costs, and pressure to adopt sustainable practices.: Modular housing, renewable energy projects, and data centre construction in Europe present promising avenues for growth. Irish expertise in these areas positions the sector for potential export success.With Ireland's commitment to reducing greenhouse gas emissions by 51% by 2030, the steel industry must prioritise decarbonisation. The shift to sustainable practices will require significant investment but offers long-term benefits for competitiveness and compliance.While the outlook remains optimistic, the report identifies pressing issues that demand immediate attention. Labour shortages and skills gaps, particularly among welders and CNC operators, threaten productivity. Rising input costs, driven by global economic trends and domestic inflation, are squeezing profit margin