By Mucahithan Avcioglu
ISTANBUL (AA) - The EU announced an action plan to support the European steel and metal industries against tariffs, cheap competitors' products and high energy prices, the European Commission said on Wednesday.
The action plan, called Action Plan on Steel and Metals, will make efforts to reduce the high energy costs faced by the sector by providing the sector with clean and affordable energy, a commission statement said.
"Our European Union was built on a community of coal and steel. Today, this sector is a key building block of Europe’s green and digital transition and defense capabilities, and more broadly of the EU’s economic security and social stability," it said.
Power purchase agreements and lower grid fees and taxes will lower the costs of energy-intensive enterprises with low-carbon hydrogen and renewable energy.
Europe's metal industry capacity will be promoted under the plan. The steel sector safeguards in place will be tightened in line with recent market developments.
Measures will be developed to provide protection to the aluminum sector, while working to find a long-term solution to unfair practices by trading partners, the statement said.
Oversight of trade defense measures will be strengthened and circumvention will be prevented, it added.
Steel and metal sectors' access to the EU funds will be increased and investments to reduce carbon in the metals sector will be supported.
To provide funding, €150 million ($163.2 million) from the Research Fund for Coal and Steel will be directed in 2026 and 2027 to clean production efforts in this area.