Posted on 07 Oct 2024
EU should support emergency trade measures as well as a firm action plan to promote the steel industry in Europe. This was called for by Geert Van Poelvoorde, CEO of ArcelorMittal Europe, S&P Global reports.
Van Poelvoorde, speaking at the celebration of the 20th anniversary of ArcelorMittal Poland, said that European steelmakers are under pressure from high costs and the volume of subsidized, cheap imports flooding the market.
“As a result, the European steel industry will continue to shrink. But with the right supportive policies in place, we can thrive – and our industry can continue to be the backbone of European industry,” he said.
According to the CEO of ArcelorMittal Europe, the first half of 2025 will be crucial for defining the European Commission’s action plan for steel and metals, the Clean Industrial Deal, and deciding on the measures needed to create the level playing field that Europe needs.
In addition, legislation on the Cross-Border Carbon Adjustment Mechanism (CBAM) is being finalized. This mechanism, according to Van Poelvoorde, will determine the ability of European steelmakers to continue competitive steel production and the ability to invest in decarbonization.
The CEO of ArcelorMittal Europe called for Poland’s support as the country prepares to take over the presidency of the European Council in the first half of next year.
He also noted that the mission of the proposed European Commissioner for Prosperity and Industrial Policy, Stefan Sejourne, has never before included the development of a steel and metals action plan, and ArcelorMittal is looking forward to the detailed outline to understand how he will support the steel industry in Europe.
According to Van Poelvoorde, Europe needs to define what role it wants to play in the future, as it is impossible to remain an economic region without a strong industry and, in particular, a strong steel industry. Decarbonization through deindustrialization is not a solution in both European and global terms.
As GMK Center reported earlier, EUROFER believes that Europe needs immediate measures for the steel industry. The report by former ECB President Mario Draghi carefully identifies the bottlenecks that hinder the decarbonization and competitiveness of the EU industry, the European Steel Association noted.
Source:GMK Center
