European steelmakers are caught in a hot coil. Local lawmakers are pushing them to decarbonise. Yet a full-scale conversion to clean steel production risks worsening their already rickety global competitive position.
Europe’s steel plants know they will need to pay the full cost of carbon dioxide emissions by 2034. That might add €200 to the cost of each metric tonne of steel produced in blast furnaces — almost 30 per cent of today’s price.
This makes investment in clean technologies — including electric arc furnaces to recycle scrap metal and direct reduction facilities — look attractive. A DRI plant with 2mn tonnes of annual capacity might cost a couple of billion euros to build, adding roughly €50 to each tonne.
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