Europe's steel industry is at a crossroads – and amid an escalating trade war with Donald Trump, former industry hubs show what happens when things go wrong and steelworks close their doors.
CGTN’s Pablo Gutierrez reports from Dunaújváros, Hungary.
CGTN’s Pablo Gutierrez reports from Dunaújváros, Hungary.
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00:00The hollow remains of what was once Hungary's largest steel plant loom over Dunajubados.
00:06For decades, Dunafair was more than just an employer, it was the backbone of an entire city.
00:12Its decline mirrors the struggles of many European steel makers fighting for survival.
00:20It's hard to believe how much the population has shrunk in a city that once had 60,000 people.
00:27Back then, everyone wanted to live near Dunafair. It was the heart of the community.
00:32My parents always said, to learn a trade and work for Dunafair, that would ensure me a stable future until retirement.
00:40The factory's decline began after the 2008 financial crisis when steel demand plummeted
00:46and investment stalled that led to years of economic struggles.
00:51This plant once employed 14,000 people. Now, the furnaces are cold.
00:56The company that ran the factory went bankrupt four months ago.
01:00The workers wait and hope a new buyer will bring it back to life, but chances are slim.
01:06Across Europe, the steel industry is struggling with high cost, low demand and now the threat of US tariffs.
01:15Sultan Majar, the president of Dunafair Steel Workers Union, says European leaders must act before it's too late.
01:22We hope that sooner or later something will change, or at least that people will recognize how much this market in Europe is struggling.
01:31There needs to be more European level support.
01:35European leaders have met with industry leaders to discuss the future of steel
01:39as new US tariffs of 25% on imports threaten to shake up the market even further.
01:45The EU is weighting its options such as more protections and more subsidies
01:50and is set to unveil an action plan for the sector on March 19th.
01:55But for workers like Gabor, change can't come soon enough.
02:00If a country lets its steel industry collapse, it exposes itself to the world market in ways that cannot be repaired.
02:09Germany and the US are supporting their steel industries.
02:13For Dunajobados, the stakes couldn't be higher.
02:16If the factory never reopens, the economic fallout could be devastating.
02:20Real estate values will drop, businesses will suffer and city revenues will shrink.
02:25For the people of this city, steel isn't just metal, it's history, it's identity, it's their backbone.
02:32Pablo Gutierrez, CGTN, Dunajobados, Hungary.