The writer is executive chairman, ArcelorMittal Seven years ago, I advocated for the introduction of a carbon border tax — to ensure a level playing field between European industrial producers bearing decarbonisation costs, and cheaper imports that did not. You might assume I am therefore satisfied that a carbon border adjustment mechanism was subsequently adopted by the EU, and is now in its testing phase, with full implementation starting in January 2026.
That is not solving the problem. It need not be this way — I am convinced Europe can retain a competitive and innovative steel industry. But it must make a choice. Does it want to produce iron and steel in the continent? Or does it prefer to import it, potentially with a higher carbon footprint? This fundamental question must be answered now.