European steelmakers urge urgent EU ETS reform to protect industry and jobs amid rising carbon costs.

ArcelorMittal, thyssenkrupp Steel, and voestalpine, representing 60% of Europe's steel production, call for urgent reform of the EU Emissions Trading System (ETS). They warn that rising ETS costs, without sufficient support for green technologies, threaten to increase steel production costs by 50% by the early 2030s, risking a 30-40% decline in steel-intensive manufacturing and up to 5 million jobs. The companies support decarbonization but demand a pause in ETS cost increases until enabling conditions like affordable green hydrogen and carbon capture are in place. They also call for better support for early decarbonization projects and balanced measures on imports and exports to maintain competitiveness and secure Europe's industrial future.