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On the technical report on the EU taxonomy published in June 2019 by the technical expert group on sustainable finance
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On 18 June 2019 the Technical Expert Group (TEG) on Sustainable Finance – set up by the European Commission – published its technical report on the EU taxonomy. The report sets out the basis for a future EU taxonomy in legislation. It presents the results of the development of an EU classification system for environmentally-sustainable economic activities (‘Taxonomy’).
The published report constitutes a positive evolution of the interim results, which were submitted to the stakeholders for the first and second rounds climate change mitigation activities and adaptation activities.
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The outlook for the European steel market in 2024 continues to lose momentum amidst persisting challenging conditions. Downside factors such as worsening geopolitical tensions, coupled with growing economic uncertainty, energy prices, inflation, interest rates have further impacted demand prospects. According to EUROFER’s latest Economic and Steel Market Outlook, these challenges have exacerbated the negative effects on apparent steel consumption, resulting in a more severe downturn in 2023 than previously projected (-9%, instead of -6.3%) and weaker growth in 2024 (+3.2%, instead of +5.6%). Output in steel-using sectors, despite showing more resilience than expected in the past year (+1.1%), is now set to decline (-1%). Imports are once again on the rise (+11% in the last quarter of 2023), capturing a staggering 27% market share throughout 2023.
Second quarter 2024 report. Data up to, and including, fourth quarter 2023
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