EU industry chief hints at financial support from EIB for steelmakers

• EU steel sector calls for urgent action plan
  
  
• Sejourne to draw up pact on clean industry
  
  

MySteel: Stephane Sejourne, the French candidate for the European Commission's Prosperity and Industrial Strategy portfolio, indicated that the European steel industry may receive financial support from the European Investment Bank (EIB). The European Commissioner-designate made this statement during a confirmation hearing with four committees of the European Parliament on 13 November, when asked about his plans to support the industry.

Ahead of Sejourne's hearing, European steel social partners, supported by cross-party MEPs, on Tuesday jointly called for an EU Steel Action Plan and voiced the urgency to restore steel's competitiveness and save its green transition as well as steelworkers' jobs across Europe, Mysteel Global has learned.

In his statement, Sejourne emphasised the EU's need to simultaneously decarbonise and reindustrialise, announcing the development of a future pact on clean industry. This pact aims to lay the groundwork for an industrial policy that aligns with the challenges and opportunities of the current era.

Sejourne also advocated for prioritising strategic sectors with the highest potential and socioeconomic impact. He highlighted the importance of lowering energy prices and fostering thriving markets for products such as electric vehicles and heat pumps.

Another key part of his statement focused on reinforcing the EU's single market. "Right now, we have 27 markets," he remarked, underscoring the importance of further integration. Additionally, he pledged that EU public procurement would place greater emphasis on criteria such as quality, sustainability, and resilience in the future.

Addressing questions about the automotive sector, Sejourne was asked whether the Commission would uphold the agreed decarbonisation targets for the industry. He affirmed the need for predictability, promising to take action on the demand side to help automakers meet their targets.

When other Members of the European Parliament (MEPs) raised concerns about protecting EU companies from unfair competition and safeguarding EU consumers from substandard goods from third countries, Sejourne stressed the importance of finalising customs reform to ensure more effective checks at EU borders.

Note: This article has been written in accordance with a content exchange agreement between MySteel Global and BigMint.