Irish Steel, Ireland’s exclusive metal fabrication and manufacturing organisation, has released its End-of-Year Report on the Irish Steel Industry for 2024.

The report provides 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.

Established in 2014, Irish Steel serves as the knowledge and connection hub for Ireland’s metal fabrication and manufacturing community. The organisation provides members with resources, training, and advocacy, fostering excellence and driving progress across the industry. Irish Steel’s mission is to build a resilient, innovative, and sustainable sector that contributes to Ireland’s economic growth.

Key Findings from the Report: 

Global Market Trends: 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.

Domestic Economic Strength: 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.

Opportunities for Growth: 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.

Sustainability as a Strategic Imperative: 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.

Sectoral Challenges and Responses

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 margins. To mitigate these challenges, Irish Steel advocates for enhanced apprenticeship programmes and increased government support for workforce development.

The report also highlights the importance of sustainability planning. Decarbonising production processes and adopting energy-efficient technologies are essential for meeting EU regulations and maintaining global competitiveness. The organisation encourages members to engage with Irish Steel for guidance on implementing effective sustainability strategies.

Leadership Perspectives

“This year’s report showcases the resilience and adaptability of the Irish steel industry,” said Jim Power, of Jim Power Economics. “As we navigate a rapidly changing landscape, collaboration and innovation will be vital to our success.”

“Sustainability is not just an obligation; it’s an opportunity,” added Pat Enright, Technical/Compliance. “By embracing sustainable practices, we can secure a stronger, more competitive future for our industry.”

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