Power costs remain one of the biggest barriers to investment and decarbonisation in Europe. Policymakers must restore electricity prices closer to pre-energy crisis levels while implementing reforms to stabilise markets, the European Steel Association (Eurofer) has reiterated.
Persistently high electricity prices are undermining investment and threatening the continent’s industrial competitiveness, assert European steelmaker representatives. They are bringing the issue back to the top of the agenda as EU leaders prepare to meet on Thursday at an informal retreat in Alden Biesen to address Europe’s economic resilience, Kallanish notes.
Without rapid relief, steelmakers caution that investments in low-emission steel production risk shifting outside Europe, potentially leading to permanent capacity losses across the bloc.
The so-called Antwerp appeal, endorsed by major European industries ahead of the summit, urges EU leaders to move from strategy to delivery through emergency industrial policy measures in 2026. They argue that high energy and carbon costs, fragmented markets and rising global competition are accelerating site closures and job losses across Europe.
Industry groups stress that Europe is increasingly seen as an uncompetitive destination for long-term industrial capital, while competitors in the US and China deploy assertive industrial policies.
The Alden Biesen retreat will see EU leaders discuss strengthening the Single Market and reducing strategic dependencies, themes closely linked to maintaining domestic steel capacity, which remains essential for Europe’s manufacturing and construction supply chains.
Steelmakers say the sector is not seeking protection from change, but the conditions needed to lead Europe’s green and industrial transition. The meeting is therefore viewed as a test of whether EU leaders can deliver rapid, tangible support to stabilise Europe’s steel industry before further production shifts abroad.
Wednesday saw the Antwerp European Industry Summit take place, at which European Commission President Ursula von der Leyen called for ETS revenue reinvestment into industrial decarbonisation, as well as resolving pan-EU energy grid bottlenecks (see separate story).
