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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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Brussels, 05 June 2025 – The high level of uncertainty and major disruptions caused by the new U.S. tariffs have dealt a severe blow to recovery expectations in the steel market for 2025. Against the backdrop of broader economic resilience driven by services, industry remains weak, weighing on steel demand and consumption. Recovery is not expected before 2026, and only if positive developments emerge in the global geoeconomic outlook. According to EUROFER’s latest Economic and Steel Market Outlook, the recession in apparent steel consumption will continue in 2025 (-0.9%) for the fourth consecutive year (-1.1% in 2024), contrary to earlier forecasts of growth (+2.2%). A similar trend is expected for steel-using sectors, with another recession in 2025 (-0.5%, after -3.7% in 2024) instead of a projected recovery (+1.6%). Steel imports remained at historically high levels (27%) throughout 2024.
Second quarter 2025 report. Data up to, and including, fourth quarter 2024
Brussels, 4 June 2025 – With U.S. blanket tariffs now raised to 50%, the only way to avoid the further erosion of the European steel market and another blow to European steelmakers is the swift implementation of the “highly effective trade measure” promised by the European Commission in its Steel and Metals Action Plan. A negotiated solution between the EU and the U.S. is also vital to preserve EU steel exports to the U.S., warns the European Steel Association.
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