EU 'Inviting Disaster' By Imposing Carbon Tax On Steel, Says Piyush Goyal
NDTV Profit 55 min ago·23 Oct 2026, 4:31 am
Union Commerce Minister Piyush Goyal has criticized the European Union's plan to impose a carbon tax on steel imports. He argues that such measures will hurt the EU's own industries by raising costs and reducing competitiveness. The minister claims the EU is effectively closing its borders and adding more regulations, which could hamper its economic growth.
This move is significant for Indian steelmakers, who are major exporters to Europe. A carbon tax could make Indian steel more expensive in the EU market, potentially reducing demand and hurting the sector's profitability. Investors should monitor how the EU implements the tax and whether it leads to trade disputes or retaliatory measures.
Going forward, the focus will be on the finalization of the EU's Carbon Border Adjustment Mechanism (CBAM). Companies with high carbon footprints may need to adjust their production processes to remain competitive. Traders should also watch for any official statements from the Indian government on how it plans to support its steel exporters in this scenario.
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