Reuters reported that the European steel industry continues to face severe challenges, with recent moves by Brussels to stem the region's industrial decline and temper its own climate goals welcome, but not enough to secure and strengthen the sector's future.

Over supplied, energy intensive industries like steel were decimated by the 2008 financial crisis, especially in Europe and steel executives say that despite an improved economic and political backdrop, the sector's future hangs in the balance of the next European Commission.

Mr Wolfgang Eder CEO of Voestalpine said that "We are for the first time beginning to see a change in the basic position of European politics, a more open position, but we do not have too much time for further discussion. The next four years will be decisive for the European steel industry.”

Mr Eder said that “If the next European Commission, which will be in power for five years, puts industrial growth targets on a par with energy and climate goals, then the industry will survive and prosper. If not, it will be too late.”

The Commission said that it is working to help industry and has an aspirational target that 20% of EU gross domestic product should come from the sector by 2020, versus around 15% at present. Still, Brussels is engaged in a constant tug of war between industrial and climate objectives and there are many industry executives investing outside the EU, nervous as to which camp will hold sway in the next Commission that runs to 2020.

Mr Markus Beyrer DG of industry lobby Business Europe said that "The mid term assessment of the 2020 strategy had a clear result the goals we achieved were the climate goals and the goals we didn't achieve were the economic goals so this is what we need to change."

Even with Europe's return to growth this year, steel demand is still down by about a quarter versus pre financial crisis levels, with some 60,000 jobs lost and just 170 million tonnes of steel produced last year versus 210 million in 2007.