The lackluster EU trade defense isn’t helping matters. Steel industry at ‘breaking point’ as it calls for Europe-wide help
Steelmakers across Europe have been left reeling by a flood of cheap, state-subsidised steel from China, high energy costs and onerous green levies.
Energy costs are high because of all the green initiatives, as the EU is *trying* to limit CO2.
The EU’s emissions trading system (ETS) to control pollution is the “largest and most ambitious in the world”, according to the steel industry, which is committed to CO2 reductions and is developing low carbon technology.
Which sounds good except it puts the European steel producers at a disadvantage. Europe doesn’t like to think about competition, but that doesn’t mean they aren’t going to have to deal with it. Either by acknowledging it or by figuring out how to support 320,000 more unemployed (without the taxes those people pay).