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Sustainable finance taxonomy update
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EUROFER welcomes the legislative proposal to mobilise investments in the EU in view of achieving the Paris Agreement and Europe’s 2030 & 2050 climate goals. Achieving these goals will require massive transformative investments for development, demonstration and scaling up of new technologies in a relatively short period of time. Therefore, the proposed EU taxonomy should not hinder innovation and the transition of the European steel industry to climate neutral and circular economy. The issue of up-scaling projects to industrial scale needs to be at the center of ongoing policy discussions, including access to finance, awareness of risks and benefits, long-term
predictable policy frameworks, etc.
By 2050, the steel industry hopes to have shifted from high dependence on fossil energy and raw materials to become a low-carbon energy-based sector integrally part of the circular economy. The aim is, by this time, to emit at least 80% less CO2 compared to 1990 levels. Europe will be a leading provider of low-carbon products, services and technologies worldwide - access to investment will
be key to making this successful.
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Brussels, 28 July 2025 — The European steel value chain is at a critical juncture. Deindustrialization is accelerating across both steel production, distribution and processing, threatening the resilience, competitiveness, and long-term sustainability of a sector essential to Europe's strategic autonomy and industrial base.
Brussels, 29 July 2025 – The proposal for a ‘highly effective’ new trade measure to counter global overcapacity and preserve the European steel industry’s capacities, published yesterday by France on behalf of a group of 11 Member States, is a timely initiative. The non-paper sets a clear course towards a comprehensive steel trade measure to replace the current safeguard regime at a critical moment, as the negative impacts of global overcapacity on the European steel industry continue to grow, says the European Steel Association (EUROFER).
Brussels, 28 July 2025 – The deal on tariffs struck by the EU with the U.S. limits the damage in the current circumstances, but the impact on European steel remains dramatic as long as 50% tariffs are still applied. A potential joint action EU-U.S. to address global overcapacity and a possible return to a tariff-rate quota system for EU exports to the U.S., as hinted at by Commission President Ursula von der Leyen, are still vague and lack the necessary details to the bring the economic certainty needed by EU steel producers, says the European Steel Association.
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