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EUROFER comments on the draft EU climate law
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The European steel industry is committed to contributing responsibly to the achievement of the EU’s long-term climate objectives in line with the ambition of the Paris Agreement. With the enabling conditions in place, notably a supportive regulatory framework and wide access to competitive climate-neutral energy sources, the European steel industry will be empowered to developing, upscaling and rolling-out new technologies some of which have been already identified by our companies. This could reduce our sector’s emissions by 2050 by at least 80 to 95% compared to 1990 levels, thus making a major contribution to the EU’s climate neutrality.
The Climate Law offers the opportunity for a thorough reflection on EU climate policy and more broadly on the EU’s role in the global arena. The pursued “leading by example” strategy in combination with the unilateral climate neutrality objective gives the EU even greater responsibility since other countries will follow the EU’s leadership only if this shows to be successful in combining climate change mitigation with economic and industrial development as well as social acceptance. Hence, the scalability and reproducibility of the EU transition in third countries is an essential element for the continues success of EU climate leadership.
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Brussels, 25 July 2024 – Major indicators in the European steel market show a steeper-than-expected downward trend, further impacting the outlook for this year and the next. Poor demand conditions, driven by ongoing factors such as high energy prices, persistent inflation, economic uncertainty and geopolitical tensions, are exacerbated by a manufacturing crisis affecting the largest steel-using sectors, including construction and automotive. According to EUROFER’s latest Economic and Steel Market Outlook, apparent steel consumption is further deteriorating. After a slump (-3.1%) in the first quarter of 2024, its rebound for the full year has been revised downwards (to +1.4% from +3.2%), as well as for 2025 (+4.1% from +5.6%). Similarly, output in steel-using sectors, after a decline in the first quarter (-1.9%), is projected to experience a deeper-than-expected recession (-1.6% from -1%). A recovery is anticipated only in 2025 (+2.3%). Steel imports continue to show historically high shares (27%).
Third quarter 2024 report. Data up to, and including, first quarter 2024
Picture Copyright: European Union, 2024 Source: EC - Audiovisual Service
Brussels, 18 July 2024 – The re-election of Ursula von der Leyen as President of the European Commission paves the way for the continuation of the ambitious initiatives started in her first term. For a stronger and prosperous Europe, defining a pragmatic set of measures within the first 100 days of the new Commission mandate is the right step forward to ensure the success of the EU’s industry transition, if properly implemented. The European Steel Association urges that the Clean Industrial Deal be complemented as a priority by a European Steel Pact, as proposed by the German delegation to the European People’s Party (EPP).