October 17, 2023 (press release) –
Methodology Differences Hang Up U.S.-EU Arrangement on Sustainable Steel
| 10/17/2023 - The U.S. and European Union reportedly are to announce a plan on thwarting unfairly traded and CO2-intensive steel this week, but both sides have differed in the approach, an executive from a U.S. steel producer said Tuesday. |
Speaking during an industry leader panel discussion at AIST’s European Steel Forum, Steel Dynamics Inc. president and chief operating officer Barry Schneider said that based on conversations he’s had, the EU was favoring a highly detailed, accounting-style approach to the Global Arrangement on Sustainable Steel and Aluminum.
Meanwhile, the U.S. is pushing for a plan based on broader generalities, which would allow for faster implementation, he said.
“That seemed to be a dividing issue,” Schneider said.
An announcement about a plan is expected to come following a trade summit between the U.S. and the European Union on Friday. However, the two sides are said to be continuing to work toward an agreement and have pushed back a self-imposed deadline from the end of this month to 1 January 2024, according to Politico.
Nevertheless, Schneider, who also serves as AIST president, said the two sides are continuing to work toward a resolution.
“There’s a real pressure for all the stakeholders to find something because we know right now in America we have issues with dumped steel and circumvented steel,” he said.
Whatever the final plan, the important thing is that it be transparent, said Kristian Notebaert, chief technology officer for decarbonization at ArcelorMittal Europe Flat Products.
Notebaert, who also spoke during the European Steel Forum industry leader panel, said that in addition to being transparent, the system should allow for auditable results.
The European Steel Forum continues Wednesday. Check back with AIST Steel News for updates.
* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistribute or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.