JSW Steel Warns Europe Carbon Tariff Will Hurt Asia Firms
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The European Union’s planned carbon tax on steel is a trade barrier that India and other governments will probably oppose, according to one of the biggest exporters of the alloy in the South Asian nation.
The Carbon Border Adjustment Mechanism, or CBAM, which imposes duties on certain imports from countries that don’t price carbon the way Europe does, will make it costlier for India to meet its output goals, Seshagiri Rao, joint managing director at JSW Steel Ltd., said in an interview this month. India aims to double its steel production capacity to 300 million tons per year by 2030, for which firms like JSW will have to rely on polluting blast furnaces as they lack the scrap supply needed for cleaner electric arc furnaces.