The European steel industry is set to receive additional support measures as governments intensify efforts to aid the sector. This comes in response to the industry’s ongoing challenges, including high energy costs and global overcapacity.
European state authorities have announced €10.5 billion in grants to steelmakers from January 2023 to March 2024. These funds are aimed at supporting decarbonization projects and helping the industry transition to greener production methods. Germany is leading the way, providing up to 70% of the total funding.
The European Commission believes these measures will contribute significantly to achieving the EU Hydrogen Strategy and the European Green Deal targets, accelerating the green transition in line with the REPowerEU Plan.
