EUROFER Seeks Policy to Boost Greener Steel Industry

SEATTLE (Scrap Monster): The European Steel Association (EUROFER) announced publication of a position paper on industrial policy aimed at promoting green investment in steel sector. This, according to the trade body, is essential to drive the industry’s transformation towards climate-neutrality.

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In order to reach the EU renewables targets, over 74 million tons of additional steel production will be required, said Axel Eggert, Director General, EUROFER, in a statement. The EU industrial policy must put forward a stronger value chain-based approach so as to encourage European steelmakers to commit to increased investment in green technologies, thus enabling them to remain competitive at a global level.

The transition to green steel will lead to drastic jump in scrap requirements, with markets likely to see shortage by 2030. It called for inclusion of scrap in the list of critical raw materials, along with nickel products.

EUROFER proposes to formulate a Hydrogen Bank, as it estimates that the steel sector alone would require at least 2 million tonnes of hydrogen in the next few years. The current Council text does not foresee any provision for sectors that are projected to undergo deep industrial transformation. There is only limited improvement in the scope for the processing of ferrous metals, it noted.