, Columnist
How the Steel Industry Made Millions From the Climate Crisis
Europe’s steelmakers have profited from their trade in carbon emissions permits, so it’s a bit rich to blame the CO2 price for the industry’s latest crisis.
Sunset industry?
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Europe’s steel industry is in crisis again and there’s no shortage of reasons for all the financial losses and job cuts. Stagnating demand, surplus production capacity, higher iron ore prices and a surge in imports caused by trade conflicts are just some of them.
But when Tata Steel Ltd. announced 3,000 job losses at its European arm this week, the company also pointed to a “significant increase” in the cost of carbon emission permits.