EU Will Pitch Green Steel as Key Pillar of Industrial Revival

Article content(Bloomberg) — The European Union will put so-called green steel at the center of its pitch to revive the continent’s industrial fortunes as it comes under pressure to stay competitive with the US and China.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe European Commission, the bloc’s executive arm, will look to spur uptake of low-carbon steel by introducing voluntary certification programs and creating fresh sources of demand via public procurement and the automotive sector under its Industrial Accelerator Act due next week, according to a draft seen by Bloomberg.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentUnder the draft proposals, steel will be classified according to the emissions generated during its manufacture, with the exact thresholds to be laid out a later date. Governments will be required to ensure that 25% of steel used under public procurement and subsidy programs is low-carbon. The use of scrap steel and electric arc furnaces, or green hydrogen are seen as key decarbonization technologies for the sector.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe bloc will apply similar rules for aluminum and cement.

The European Commission didn’t immediately respond to a request for comment.Article content“Among energy-intensive industries, steel and cement are priority sectors, as they are the largest emitters and together account for more than 6% of the Union’s annual greenhouse gas emissions,” the draft document, which is still subject to change, says. To avoid the risk of de-industrialization, “low-carbon demand-side measures should be combined with Union origin requirements to adequately support the transition of such industries.”Article contentThe low-carbon steel push comes as the EU tries to halt an industrial decline that it attributes to high energy costs, excessive regulation and cheap imports.

The Industrial Accelerator Act — dubbed the “Made in Europe” act — will aim to ensure that manufacturing accounts for 20% of Europe’s economic growth by 2035. Article contentArticle contentEU leaders met in Belgium last week, with one of the most contentious issues being the degree to which the continent protects its own industry from foreign competition.

German Chancellor Friedrich Merz and French President Emmanuel Macron played down their disagreements over the issue, with the latter being one of the most forthright in his views that the EU should do more to ensure that critical industries are better insulated against global rivals.Article contentThe law will propose a swathe of new conditions to ensure local companies are prioritized when investment decisions are made in the region by member states and foreign firms, Bloomberg previously reported. It upends a free-trade philosophy that has governed decades of policy.Article contentUnder the latest draft, “made in Europe” criteria will include production in the EU’s 27 member states, as well as from “trusted partners,” such as third countries that have free trade agreements with the bloc and deemed to be in line with security and resilience objectives.Article contentThe automotive sector is being touted as an important buyer of green steel that’s been produced in Europe. In December, the European Commission proposed overturning its combustion engine ban, so that a certain proportion of emissions cuts could instead be achieved through the use of low-carbon steel.Article contentTrending Subscriber only. 'We need to wake up': Atlantic Canada a microcosm of the problems facing the rest of the country Subscriber only Economy Canadians Say They'll Buy Cheaper Chinese EVs as Tariffs Drop PMN Business Canada aims to boost defence exports by 50%, creating 125,000 jobs Economy Sunk costs and ego turn smart investors into reckless ones and very bad things can happen Investor Subscriber only. These are the TFSA and RRSP tricks that can make you a fortune Subscriber only Personal Finance Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Subscriber only. 'We need to wake up': Atlantic Canada a microcosm of the problems facing the rest of the country Subscriber only Economy Canadians Say They'll Buy Cheaper Chinese EVs as Tariffs Drop PMN Business Canada aims to boost defence exports by 50%, creating 125,000 jobs Economy Sunk costs and ego turn smart investors into reckless ones and very bad things can happen Investor Subscriber only. These are the TFSA and RRSP tricks that can make you a fortune Subscriber only Personal Finance