Today, the European Parliament voted on amendments to the Carbon Boundary Regulation Mechanism (CBAM), including proposals to extend its effect to additional types of steel products.
On the eve of the vote, the European Steel Association EUROFER called on MEPs to address what it claims are remaining gaps in the current CBAM system.
The association believes that although imported steel is already subject to carbon-related requirements, many steel products still remain outside the scope of the mechanism. According to EUROFER, this creates unequal competition conditions and allows imported industrial goods to enter the EU market without comparable emissions costs.
EUROFER supports amendments previously approved by the European Parliament's Committee on Industry, Research and Energy (ITRE), which extend CBAM coverage to additional steel products.
Commenting on the vote, EUROFER CEO Axel Eggert stated:
"European metallurgists are investing billions of euros in the production of cleaner steel, but this transition is impossible without equal competition conditions. MEPs can strengthen CBAM so that investments in low-carbon steel production in Europe become economically viable."
In addition to extending CBAM to additional steel products, the European Parliament is also considering amendments related to stainless steel production. They include accounting for emissions associated with ferronickel and nickel cast iron used in the production of imported stainless steel, as well as measures to eliminate possible loopholes related to processing mechanisms in the domestic market.
The results of the vote will determine the further configuration of CBAM against the background of the EU's desire to simultaneously address climate challenges and maintain industrial competitiveness.
