The European Steel Association (EUROFER) emphasized the importance of low-carbon emission steel for a net-zero economy. However, in 2023, the European crude steel output hit a record low because of the suspension of several steel plants. Therefore, taking urgent action would be the first priority to make sure the steel industry survives and decarbonizes.
In fact, the European steel sector is already a leader in global decarbonization efforts and accounted for 60 low-carbon projects of 80 planned worldwide. EUROFER's estimated capital investment needs to be EUR 31 billion and operational expenditures to be EUR 54 billion, totaling EUR 85 billion. However, critical issues such as high energy prices, unfair competition, and global overcapacity threaten the European steel industry's development.
Source: YIEH
|
