WASHINGTON, Nov 3 ― US steel industry executives said yesterday they favour a carbon border adjustment mechanism that raises the US price of “dirty” steel produced in China and other countries with high carbon emissions. US steel producers claim to have the world's lowest carbon emissions and...
WASHINGTON, Nov 3 ― US steel industry executives said yesterday they favour a carbon border adjustment mechanism that raises the US price of “dirty” steel produced in China and other countries with high carbon emissions.
“We envision, subject to negotiations between the governments, some type of a trade measure that takes into account the differential carbon intensity and that will that will be beneficial for us,” Kevin Dempsey, president of the American Iron and Steel Institute, one of the industry's two major trade groups.
More than 70 per cent of American steel is produced in electric-arc furnaces , which melt mostly scrap steel rather than smelting iron ore in coal-fuelled blast furnaces, the method prevalent in China.
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