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.
To recap, the EU’s emission trading system was created more than a decade ago to help mitigate the climate crisis by making polluters pay. Utilities, industrial plants and airlines are required to obtain permits to match how much they pollute. The reason for the industry’s complaints now is that the cost of those allowances has more than trebled in the past two years after the EU tweaked the system.for every ton of steel produced.
Tata Steel’s European arm generated £211m of income from selling surplus allowances in the fiscal year to March, its annual accounts show. It’s pretty bold of the steelmaker to call out the rising cost of pollution permits when it’s just booked a big profit from them. There are echoes here of what happened to British Steel, which sold emission permits only to discover later that it needed them.
Tata says it expects to spend more than 2018’s £211m gain on permits in coming years, but didn’t provide more detail.price. On an annual basis, that’s about one-eighth of its analyst-estimated operating profit for 2021. This sounds a lot, but it assumes the company makes no improvements in cutting pollution.
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