EU steelmakers will work on their own environmental transition plan

The European steel industry (including ferrous and non-ferrous metals) initiated the process of creating its own Transition Pathway in cooperation with the European Commission. Its purpose is to promote the implementation of the EU’s Green Deal and the digital agenda, as well as to ensure the sustainability of the industry. It is stated in the press release of the European Steel Association (EUROFER).

Other regions of the world are also transitioning to a digital and green economy, so demand for metals is growing rapidly. They are often labeled as critical resources for clean energy and electronic technologies. So steel and a wide range of non-ferrous metals are indispensable components of this transition. Europe must ensure security and stability of steel supplies to meet its clean energy targets by 2030, the association notes.

This emphasizes the importance of creating a sustainable steel sector as a key factor in the strategic autonomy of the European Union. The industry is also a key pillar of the EU economy, providing more than 800,000 direct and more than 5 million indirect jobs.

The Transition Pathway for steel industry will outline the main challenges for the industry, the investments needed to overcome them, and the policy environment to encourage these investments. The work is planned to be completed by the end of March 2024.

According to Axel Eggert, CEO of EUROFER, the transition path for steel sector is a timely opportunity to jointly develop a long-term vision for the industry with a fresh approach that covers different areas, from decarbonization to energy and circular politics.

He noted that steelmakers are already implementing several steel decarbonization projects in the EU, but conditions are necessary to support the transition amid tough global competition.

Transition Pathways is an EC-led collaborative development process for strategic industrial sectors and stakeholders to develop an actionable road map towards 2050. In particular, earlier Transition Pathways was created for the European chemical sector.

As GMK Center reported earlier, Malaysia will formulate road map of ecological transition for the steel industry of the country. When preparing the strategy, sources of funding – public and private – should be considered to help the industry move to lower carbon emissions.