The steel sector’s concerns regarding the implementation of the transitional phase of the European Union's Carbon Border Adjustment Mechanism (CBAM) remain intact, one month after its implementation, with many participants saying it puts a wrench in their plans.
“We are in the same position as a month ago; the concerns raised previously have not been addressed. The implications of CBAM on the supply chain and how it impacts business across borders is still mired with confusion,” a steel importer said.
The 2024-2026 transitional phase will see all steel producers, importers and exporters required to report both their direct and indirect emissions.
