LUXEMBOURG, June 17 — According to a joint statement issued today, three of Europe’s leading steelmakers – ArcelorMittal Europe, thyssenkrupp Steel, and voestalpine – are calling for urgent, pragmatic reform of the EU Emissions Trading System (ETS), warning that without adjustments the current trajectory risks destroying Europe’s industrial base. The record shows that the three companies, which together represent around 60% of Europe’s integrated steel production, have committed to decarbonising their operations, but stressed that the policy framework must enable, not inhibit, these transformations of the steelmaking process.
On the timeline, the ETS has driven emissions reductions in the power sector by about 49% between 2005 and 2023, but it is not yet delivering a viable pathway for energy-intensive industries such as steel. A recent article published in the Financial Times, authored by ArcelorMittal executive chairman Lakshmi Mittal, articulated the companies’ shared position on how the ETS needs to be reconsidered, to safeguard European steelmaking and all the industries it serves.
The article highlights the need for key enablers for economic decarbonisation, including competitive electricity prices, affordable green hydrogen, Carbon Contracts for Difference, carbon capture and storage, and lead markets for low-carbon steel, which remain insufficiently developed or unavailable at scale. According to the filing, the cost of producing steel in the EU is expected to increase by around 50% by the early 2030s under the current EU ETS framework.
With steel-intensive imports not subject to an equivalent carbon cost, and EU steel exports receiving no rebate to recover the carbon cost, the implications are significant. The three companies are urging policymakers to take a pragmatic approach to ETS reform, one that balances the need for emissions reduction with the need to maintain the competitiveness of European industry.
As the EU continues to navigate the challenges of decarbonisation, the steel sector will be an important area to watch. The ability of companies like ArcelorMittal, thyssenkrupp Steel, and voestalpine to adapt to changing policy frameworks and technological advancements will be crucial in determining the future of European steelmaking. Looking ahead, the EU’s approach to ETS reform will be closely watched by industry stakeholders and policymakers alike.
As the sector continues to evolve, it will be important to monitor the development of key enablers for economic decarbonisation, such as green hydrogen and carbon capture and storage. The ability of the EU to create a policy framework that supports the competitiveness of European industry, while also driving emissions reduction, will be a key factor in determining the success of its decarbonisation efforts. On the timeline, the next few months will be critical in shaping the future of the EU’s ETS framework and the steel sector.
As policymakers consider the need for reform, they will need to balance competing interests and priorities. The outcome of these efforts will have significant implications for the future of European steelmaking and the EU’s industrial base as a whole.
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