Steel industry criticizes EU proposals for investments

 The German steel industry is not satisfied with the EU Commission's new proposals for climate-friendly and sustainable investments. They endangered the restructuring of the industry towards "green" steel production, criticized the President of the Steel Federation, Hans Jürgen Kerkhoff, on Friday. The Commission had proposed a regulation on a voluntary EU standard for green bonds. Investors should be able to see more easily whether their investments are sustainable.

"The steel companies have prepared green transformation projects and want to implement them," emphasized Kerkhoff. However, this will be jeopardized if the direct reduction technology, which is indispensable for climate-neutral steel production, is not clearly classified as sustainable. In the case of direct reduction, the ores should be smelted without coal using hydrogen. The steel industry demands that the use of natural gas be recognized as sustainable for a transition phase until enough green hydrogen is available.