Europe’s steelmakers are cutting production and idling factory lines as an industry already buckling under a severe market downturn girds itself for the economic fallout from Coronavirus. They were struggling against a rising tide of imports before the COVID-19 virus arrived, hampered by the E.U.’s carbon credits scheme that taxes big polluters but so far has left imports from even more polluting suppliers exempt. That is all changing later this year with importers ranked and penalized for the carbon content of their product. But many in the industry think it is too little too late.
Read more via: Metal Miner