The defining characteristic of modern heavy industry is no longer scale, but where value is captured along the processing chain. Across steel, non-ferrous metals, chemicals, and energy infrastructure, the lowest margins sit at the extraction and primary conversion stages, while the highest margins accrue where materials are transformed into qualified, application-specific systems. Europe’s industrial strategy increasingly...
Europe’s heavy industry is no longer organized around raw material ownership. It is reorganizing around control of processing, engineering depth, and execution reliability, while accepting long-term import dependence for ores, concentrates, and energy-intensive primary production. This structural shift has created a new industrial perimeter inside Europe’s immediate neighbourhood, where Serbia increasingly sits not as a peripheral...
