Policymakers are struggling to find the way forward to preserve a future for the European steel industry, once a bedrock of the bloc’s industrial economy, which is currently facing the most serious crisis in its history.
A lethal cocktail of low prices and demand, overcapacity and national, international and EU policies threaten to overwhelm a once proud industry that still employs 360,000 people across Europe.
This Special Report looks into the root causes of the steel crisis and explores solutions being envisaged to save European steelmaking from bankruptcy.
European steel is worried that the EU will grant China Market Economy Status, sacrificing the industry in return for billions of Chinese investment to revive the bloc’s sluggish economy.
Carbon market reform could greatly increase production costs for the steel industry from 2020, a difference the European Commission wants to offset with cheaper energy and carbon capture and sequestration technology. EURACTIV France reports.
The steel crisis has cost lives in the North East England constituency, MEP Jude Kirton-Darling has said, before launching a blistering attack on the British government for its inaction in the fight to save steel.
China has denied ‘dumping’ its excess steel on global markets, and instead blamed terrorism and the economic slowdown for the steel crisis, at international talks to save the industry.
Policymakers are struggling to find the way forward to preserve a future for the European steel industry, once bedrock of the bloc’s industrial economy, which is currently facing the most serious crisis in its history.