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Concerns Emerge Over ArcelorMittal’s Green Steel Reversal and Its Impact on Industrial Transition

News RoomBy News RoomDecember 2, 2024
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The recent announcement surrounding ArcelorMittal’s decision to suspend its plans for the transition to hydrogen-based ‘green’ steel production at its European sites has raised significant alarm among climate activists and renewable energy advocates. The trade association RenewableH2 emphasized that the development of renewable hydrogen and electricity is crucial for decarbonizing steel production, which would in turn bolster the industry’s global competitiveness. This situation has led to urgent calls for the European Commission to take robust actions to facilitate these transitions, primarily through closing the cost gap for renewable hydrogen and stimulating market demand for green steel. The impending unveiling of a new Clean Industrial Deal by the European Commission adds a layer of urgency to these calls, as stakeholders across Europe look for strong support to achieve the much-needed industrial transformation.

In this context, the upcoming visit of high-ranking European Commission officials to ArcelorMittal’s facility in Ghent, Belgium, is poised to signal important developments for European steel production resources. Teresa Ribera, the new executive vice-president charged with overseeing the green transition, will be joined by other officials from the commission and Belgian government representatives on December 3. Their discussions during this visit are expected to delineate the new EU executive’s strategies to support the heavy industry sector, a critical component in achieving the continent’s decarbonization goals. The visit underscores an acknowledgment of the urgency and importance of the steel sector in the wider context of EU environmental commitments.

To contextualize ArcelorMittal’s decision, the company has pointed to “significant weaknesses” in the European carbon border adjustment mechanism (CBAM). This policy was designed to protect European producers from competition by firms in countries with weaker regulation on carbon emissions. ArcelorMittal expressed that the current energy and market conditions, compounded by unclear policy outlooks, do not support the final investment decisions needed for moving forward with the green transition. Despite receiving substantial state financial support from various EU member nations—including over €2 billion in backing from Germany, France, Spain, and Belgium—the company remains cautious in proceeding until there is greater clarity and stability in the European policy landscape.

Critics of the current situation express concern that delaying final investment decisions jeopardizes the EU’s leadership role in green industrial transformation. Boris Jankowiak from Climate Action Network Europe emphasized that a decarbonized steel industry is essential not just for environmental aims but for ensuring a competitive future for the sector. The delay reflects a broader issue where workers and communities reliant on these industries are left in uncertainty, potentially undermining social support for green transitions. Furthermore, Jankowiak highlighted the risk of losing competitive advantage if decisive actions are not taken to support extensive decarbonization efforts.

In contrast, some stakeholders, such as the trade association Hydrogen Europe, regard project delays as a normal part of emerging industries. Jorgo Chatzimarkakis, the association’s CEO, pointed to the necessity of a simplified regulatory framework to speed up necessary projects. He noted that there remains a large pipeline of clean hydrogen projects that can thrive under improved market conditions. This perspective promotes a more optimistic outlook regarding the ability to catalyze investments in clean technologies, emphasizing the importance of regulatory clarity to unlock potential gains.

Finally, other industry players like Swedish steelmaker SSAB have indicated a strategic approach focused on enabling investment conditions to realize a competitive transformation. While expressing concerns similar to those of ArcelorMittal regarding EU policy support, SSAB advocates for coherent carbon pricing mechanisms and stringent emissions standards to facilitate faster industrial decarbonization. The consensus among steelmakers underscores the urgency of a committed and stable policy environment from the European Commission to guide the sector’s transition. The ongoing developments surrounding the Clean Industrial Deal, set for review within the first 100 days of the newly established European Commission, will therefore be pivotal in determining the future trajectory of heavy industry, particularly steel production, in the EU.

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