Why decarbonising European steel is harder than it seems [Yahoo! Finance]
VOESTALPINE AG UNSP/ADR (VLPNY)
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Source: Yahoo! Finance
Europe's plan can be examined through three lenses: carbon pressure, subsidies and financing support. The EU Emission Trading System (ETS) and the Carbon Border Adjustment Mechanism (CBAM) will ramp up carbon costs for steel manufacturers while incentivising them to reduce their emissions. As a result, steel producers including Acciaieria Arvedi, ArcelorMittal, Liberty Steel, SSAB, Thyssenkrupp and Voestalpine have all announced large-scale investment in new production facilities. Together, they could replace more than 20 million tonnes of annual production with low-carbon steel. Second, to lighten the burden on their domestic champions, European governments are offering significant subsidies to finance the capital expenditure (capex) associated with decarbonising steel. Third, institutions such as Riksgälden and Euler Hermes, as well as multilateral ones such as the European Investment Bank, are deploying a mix of loans and guarantees packaged to finance these projects and to a
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