Gert Van Polvoorde, Vice President and CEO of ArcelorMittal Europe, called for swift action by the European Commission to take measures to help producers achieve zero emissions by 2050. Van Polvoorde highlighted the impact of price increases on steel producers investing in CO2-reducing methods and the increase in steel imports, emphasising the need to provide financing and assistance to low-emission steel production facilities.
Without operational reforms, ArcelorMittal's CO2-related taxes in Europe are projected to increase to around €500 billion by 2030, which the company will not be able to afford. The European Commission has not yet introduced a financial support package similar to the US Inflation Reduction Act.
Eurofer President Francesc Rubio acknowledged the steel industry's achievements in reducing CO2 emissions, but emphasised that significant changes to the region's energy infrastructure are needed to meet the European Commission's Net Zero Law and 55 harmonisation targets.
The steel industry plays an important role in supporting the growth of clean technology and transition sectors such as renewable energy, hydrogen utilisation, wind energy and electric vehicles. Eurofer estimates that the renewable energy sector will require more than 74 million tonnes of steel over the next eight years.
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