New steel safeguards are a blow to European industrial competitiveness
Ten prominent trade associations representing the many industries that use steel in Europe share serious concerns about the negative effects on manufacturing that can be expected following the European Commission's proposal for continued protection of the EU steel market.
The combined effect of CBAM, the phaseout of free ETS allowances and the impact of these new safeguarding measures will raise the cost of steel produced in the EU and imported steel and have a really negative impact on the competitiveness of European downstream industries.
To support a sustainable recovery, Europe must take decisive steps to improve the business environment for its technology industries. This includes simplifying regulation and reducing administrative burden, which currently absorbs resources that could otherwise be directed toward growth and innovation. At the same time, increasing both public and private investment in research, innovation and industrial transformation will be essential to ensure competitiveness in future technologies. In addition, the EU should continue to take steps to secure trade agreements with new markets.