“The proposals weaken carbon-leakage protection of our industry in the domestic and global markets, favoring international competitors which are not subject to equivalent carbon costs,” the chief executives of the EU’s leading steel companies wrote in an open letter.

“The proposals also remove massive allowances from the market, further driving the carbon and electricity price in Europe at a time when businesses and households are struggling with skyrocketing energy costs and inflation,” they added.

You can read the full letter here.