Urgent Call: Averting Decline in Europe’s Steel Industry

Europe's steel industry, represented by Eurofer, urges immediate EU action to counteract the sector's potential decline. The industry faces global overcapacity and high import rates, while urging efficient carbon levies and clean energy access to secure its future against deindustrialization.

Europe's steel industry has issued an urgent plea to the European Union's executive to prevent what it warns could be an irreversible decline in the sector. The industry group Eurofer is calling for a comprehensive plan addressing trade, carbon levies, energy, and scrap management in alignment with the EU's 2050 carbon neutrality objectives.

Eurofer emphasized the severity, stating, 'The clock has already struck midnight.' Commission President Ursula von der Leyen is set to reveal the Clean Industrial Deal within the first 100 days following the new Commission's expected start on December 1.

The global steel capacity in 2023 has exceeded demand substantially, with EU steel production and capacity utilization drastically reduced. Eurofer stresses the need for reinforced trade defenses, effective carbon levies, affordable clean energy, and retention of steel scrap to curb escalating imports and secure the European manufacturing base.

Amidst these urgent calls, ArcelorMittal, a prominent steel producer, announced a delay in green investments due to policy uncertainties, highlighting the critical need for swift and decisive EU action.

(With inputs from agencies.)