EU steelmakers call for action against high energy prices

European steel producers have called on the European Commission to address high wholesale electricity prices. The companies believe that decarbonisation and the sustainability of EU production are being undermined.

Steel buyers in the EU now see the shift away from imports due to emissions-based CBAM taxes as the main reason for the rise in domestic prices, according to market research firm MEPS. For European steel producers, however, rising electricity costs are among the factors that have forced them to raise their selling prices this month.
The European steel association Eurofer has backed the call for a package of immediate industrial policy measures, which was published by a coalition of 1,300 European companies and industry associations ahead of a meeting of EU heads of state and government on 12 February in Alden Biesen in eastern Belgium. In addition to measures to reduce electricity and CO₂ costs for EU industry, it calls on the Commission to conclude trade agreements that improve access to overseas markets and promote the procurement of low-emission products from Europe.
Source: MEPS