Carbon-Glut Plan Is Steel-Industry Burden, ArcelorMittal Says

ArcelorMittal (MT) Chief Financial Officer Aditya Mittal comments on challenges for the steel industry including the European Union carbon price. He was speaking today on a call with reporters. The Luxembourg-based company is the world’s biggest steelmaker.

On challenges facing the industry:

“Clearly there are significant issues in the European steel industry. Clearly energy remains a big topic of conversation, flexibility around trying to optimize your footprint is another, and a third is a discussion around carbon dioxide.”

On the EU plan to deal with oversupply in the carbon market by temporarily reducing volumes sold at auction:

“The move to tighten emission standards for the next phase is another cost burden. There is no steel company in Europe that can produce at those levels. This is something that the steel industry is challenging. It is clearly a contrary move to the steel action plan. I think we’re not seeing enough concrete action from the steel action plan. The only concrete action we have seen is a tightening of allowances.”

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

To contact the editor responsible for this story: Lars Paulsson at lpaulsson@bloomberg.net

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