Steel makers in Britain and the European Union also face rising carbon taxes on their emissions, and some plants in Europe seem likely to close or be reduced in size.
Dirty as its production may be, steel is important — even strategic.
It is essential for producing the wind turbines and electric automobiles needed for the energy transition, and for armaments at a time of rising military spending.
Around 340,000 people in Britain and across the European Union have jobs connected to the steel industry.
Those factors have prompted governments to agree to provide steel makers with billions to help pay for ways to cut emissions, but tens of billions more will probably be needed over the next three decades.
Persons:
”, Akio Ito, Roland Berger
Organizations:
Companies, International Energy Agency . Steel, European Union
Locations:
Europe, Britain