Synopsis: European steel distributors association Eurometal has urged the European Commission to ensure fair competition and level playing fields ahead of an anticipated EU-US summit announcement regarding a sustainable steel and aluminum agreement. The proposed Global Arrangement aims to restore undistorted transatlantic trade and contribute to decarbonization in these industries. Eurometal's president, Fernando Espada, seeks an agreement addressing global excess capacity while supporting efforts to produce low CO₂ steel products, emphasizing the importance of fair trade and free competition.Article: As the EU-US summit approaches with the expected announcement of a new bilateral agreement on sustainable steel and aluminum, European steel distributors association Eurometal has called for measures that uphold fair competition and ensure equitable conditions in the industry.The impending agreement, known as the Global Arrangement on Sustainable Steel and Aluminum, aims to reinstate normal and undistorted trans-Atlantic trade while contributing to the decarbonization efforts within the steel and aluminum sectors. This agreement holds significant importance for both regions, as it seeks to foster cooperation in tackling challenges and advancing sustainable practices in the industry.In a letter dated October 18 and addressed to Valdis Dombrovskis, the European Commission's executive vice-president, EUROMETAL president Fernando Espada stressed the need for the forthcoming EU-US agreement to address "global excess capacity." Simultaneously, it should align with the industry's aspirations for decarbonization and environmentally responsible production.Espada emphasized Europe's potential to become a leading global producer of low-carbon steel products. He stated, "Europe can become a top producer of low CO₂ steel products globally, and our industry is now actively working towards this end goal." However, to achieve this, support and facilitation from the European Commission are essential, ensuring that fair trade and free competition remain the foundation of the industry.One specific area of concern is the Carbon Border Adjustment Mechanism (CBAM). According to Espada, the mechanism has introduced additional uncertainty to the industry and has reduced the competitiveness of European steel producers. He also noted that not all national entities could provide the necessary details required for CBAM's implementation. Moreover, applying the mechanism to all products containing steel components poses significant challenges.Eurometal has already observed an increase in imports of products closer to consumers in specific market segments. This trend can negatively affect their customer base, including processors. Therefore, they expect the European Commission to provide assistance and prioritize the interests of steel users and industries that rely on steel products.Espada stressed the need for "serious improvements" in the design of CBAM, particularly concerning its impact on exports and downstream steel products. A well-structured mechanism would contribute to a more competitive and sustainable steel industry within Europe, aligning with broader global goals for environmental responsibility and trade equity.Conclusion: Eurometal, the European steel distributors association, has called for measures to ensure fair competition and a level playing field in the industry as the EU and the US prepare to announce a new bilateral agreement on sustainable steel and aluminum. The agreement, known as the Global Arrangement, aims to restore normal and undistorted transatlantic trade and promote decarbonization in the steel and aluminum sectors. Eurometal's president, Fernando Espada, emphasized the industry's potential to become a global leader in low-carbon steel production. He also urged improvements in the Carbon Border Adjustment Mechanism (CBAM) to enhance competitiveness and environmental responsibility in the European steel sector.
Synopsis: European steel distributors association Eurometal has urged the European Commission to ensure fair competition and level playing fields ahead of an anticipated EU-US summit announcement regarding a sustainable steel and aluminum agreement. The proposed Global Arrangement aims to restore undistorted transatlantic trade and contribute to decarbonization in these industries. Eurometal's president, Fernando Espada, seeks an agreement addressing global excess capacity while supporting efforts to produce low CO₂ steel products, emphasizing the importance of fair trade and free competition.Article: As the EU-US summit approaches with the expected announcement of a new bilateral agreement on sustainable steel and aluminum, European steel distributors association Eurometal has called for measures that uphold fair competition and ensure equitable conditions in the industry.The impending agreement, known as the Global Arrangement on Sustainable Steel and Aluminum, aims to reinstate normal and undistorted trans-Atlantic trade while contributing to the decarbonization efforts within the steel and aluminum sectors. This agreement holds significant importance for both regions, as it seeks to foster cooperation in tackling challenges and advancing sustainable practices in the industry.In a letter dated October 18 and addressed to Valdis Dombrovskis, the European Commission's executive vice-president, EUROMETAL president Fernando Espada stressed the need for the forthcoming EU-US agreement to address "global excess capacity." Simultaneously, it should align with the industry's aspirations for decarbonization and environmentally responsible production.Espada emphasized Europe's potential to become a leading global producer of low-carbon steel products. He stated, "Europe can become a top producer of low CO₂ steel products globally, and our industry is now actively working towards this end goal." However, to achieve this, support and facilitation from the European Commission are essential, ensuring that fair trade and free competition remain the foundation of the industry.One specific area of concern is the Carbon Border Adjustment Mechanism (CBAM). According to Espada, the mechanism has introduced additional uncertainty to the industry and has reduced the competitiveness of European steel producers. He also noted that not all national entities could provide the necessary details required for CBAM's implementation. Moreover, applying the mechanism to all products containing steel components poses significant challenges.Eurometal has already observed an increase in imports of products closer to consumers in specific market segments. This trend can negatively affect their customer base, including processors. Therefore, they expect the European Commission to provide assistance and prioritize the interests of steel users and industries that rely on steel products.Espada stressed the need for "serious improvements" in the design of CBAM, particularly concerning its impact on exports and downstream steel products. A well-structured mechanism would contribute to a more competitive and sustainable steel industry within Europe, aligning with broader global goals for environmental responsibility and trade equity.Conclusion: Eurometal, the European steel distributors association, has called for measures to ensure fair competition and a level playing field in the industry as the EU and the US prepare to announce a new bilateral agreement on sustainable steel and aluminum. The agreement, known as the Global Arrangement, aims to restore normal and undistorted transatlantic trade and promote decarbonization in the steel and aluminum sectors. Eurometal's president, Fernando Espada, emphasized the industry's potential to become a global leader in low-carbon steel production. He also urged improvements in the Carbon Border Adjustment Mechanism (CBAM) to enhance competitiveness and environmental responsibility in the European steel sector.
