STEEL Industry Sector Descritpion Sample Clauses

STEEL Industry Sector Descritpion. 5.3.3.1 Employment & global turnover The STEEL Industry contributes significantly to the European economics. In fact, as seen previously, there are lots of steel-using sectors, therefore we must not only count the direct contribution given by the sector but also the indirect one (including all the Steel Supply Chain) and the induced one (including all spending of Steel income). Counting direct, indirect and induced employment, there are as many as 2.5 million people that worked in and around the industry in 2017, with 320,000 direct job in the industry producing on average 170 million tonnes of steel per year. The multiplier effect (the ratio of total activity to direct activity) of the 320,000 direct jobs in the sector is 7.7 times, an outsize impact. The European steel industry has a turnover of around €170 billion (only deriving from the total sector sales), eight times the industry’s direct Gross Value Added, larger than comparable manufacturing industries. Counting direct, indirect and induced factors, the GVA of the European steel industry was upwards of €128 billion in 2017. More specifically, European steel industry GVA per worker is around 11% above the average for the overall EU economy, and some 7% higher than that of the wider EU manufacturing sector.42 Figure 28. Economic impacts of the EU Steel Industry, 2017 (source: Eurofer) 42 Data from various Eurofer reports.
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