According to the steelmaker, imports into Europe have risen owing to global overcapacity, and millions of tons of that steel has been made in places without comparable climate policies. 

“The introduction of a green border adjustment is critical to create a level playing field from which to drive genuine improvement. The current system will not change how steel is made, only where steel is made,” said ArcelorMittal president and chief financial officer Aditya Mittal.  

“Europe will continue to need as much steel as ever, but the likelihood is more of this steel will come from countries that do not have comparable climate policies. That may enable Europe to claim the emissions of its production has reduced, but that is meaningless when it doesn’t address the emissions of what it consumes.”