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ArcelorMittal says new EU plans for CO2 permits pose business threat

Published 11/10/2016, 02:44 PM
ArcelorMittal says new EU plans for CO2 permits pose business threat
MT
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  • ArcelorMittal (MT +2.4%) sees European Union plans to scrap some free carbon permits for energy-intensive industries as a threat to its European business, the head of the company's Germany operations tells Reuters.
  • In April, Europe's highest court ruled that such industries had received too many carbon permits under the EU's Emissions Trading System, which charges power plants and factories for the carbon dioxide they emit; under the new system, steelmakers would receive a sharply reduced number of permits during 2021-30, forcing them to purchase the required licenses.
  • "This scenario is threatening the existence of plants in Germany, but also across Europe... Experts calculate that this would leave the industry with additional costs of €10-€30 ($33) per tonne of steel," Frank Schulz tells Reuters.

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