UK Steel is today warning that almost 23 million tonnes of non-EU steel could flood the UK market, if the UK fails to introduce its own Carbon Border Adjustment Mechanism (CBAM) at the same time as the EU. The steel trade association says that the UK Government must act swiftly to avoid crushing the UK steel industry when the EU brings in new import carbon costs in 2026.
The Government has today closed its consultation on a UK CBAM. UK Steel’s new stats expose how 23 million tonnes (Mt) of steel currently imported into the EU could be diverted from Europe and onto the UK market when the EU’s CBAM is put in place, if there is no UK equivalent in place. The…
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