India’s CBAM payments are expected to total €407 million in 2034 The introduction of the EU’s Carbon Border Adjustment Mechanism (CBAM) could cost Indian steel exporters significantly less than previously anticipated. Under a realistic scenario, India’s CBAM payments in 2034 will amount to €407 million. This is according to the findings of a study by the climate think tank Sandbag. This is reported by Euobserver. The CBAM mechanism requires importers to pay a levy on carbon emissions generated during the production of goods such as steel and cement. India, which has a powerful steel industry, has repeatedly challenged this measure at the WTO, and in 2021, together with Brazil, China and South Africa, described the CBAM as ‘discriminatory’. Under Sandbag’s baseline modelling scenario, In...

Steel shipments during the same period fell by 8% y/y The Slovak steelworks US Steel Košice (USSK) reported a 7% year-on-year decline in steel production for the first half of 2026, to 1.79 million short tonnes, whilst its capacity utilisation rate fell by 5pp – to 72%. Steel shipments fell by 8% year-on-year to 1.58 million short tonnes, according to Kallanish. At the same time, net revenue for the first six months rose by 6% year-on-year to $1.49 billion, driven by exchange rate fluctuations, higher selling prices and a favourable sales mix. Half-year EBITDA jumped by 40% year-on-year to $108 million. In the second quarter, USSK reduced steel shipments by 6% year-on-year to 807,000 short tonnes. Steel production fell by 4% year-on-year to 923,000 short tonnes, whilst capacity utilisation fell by 3pp – to 74%. Despite the fall in produ...

Over the same period, the company’s revenue rose by 2.7% y/y South Korean steel giant Hyundai Steel (a subsidiary of car manufacturers Hyundai Motor and Kia) has reported a 3.7% increase in steel sales in the second quarter compared with the previous quarter, reaching 4.42 million tonnes. This was driven by an increase in shipments of flat and long steel products. This was reported by BigMint. The company’s consolidated revenue in the second quarter rose by 2.7% year-on-year, reaching 6.11 trillion won ($4.4 billion). Operating profit for the period stood at 58 billion won, significantly exceeding the first-quarter figure (16 billion won), but 43.1% lower than the same period last year (102 billion won). Net profit fell by 67.6% year-on-year to 12 billion won. The company attributes the quarterly recovery in performance to an increase in sales volumes, ri...

Investment totalled around $1.8 billion, with industrial production due to begin in August Japanese steelmaker Nippon Steel has completed construction of a new hot-rolling line at its plant in Nagoya, according to BigMint. The investment totalled around 300 billion yen ($1.8 billion). Commercial production is set to begin as early as August this year. This marks Nippon Steel’s first complete replacement of a hot rolling mill in 42 years. The new hot-rolling mill has an annual production capacity of around 6 million tonnes, which is approximately 20% higher than that of the existing facility. The investment was initially planned at 270 billion yen, but ultimately increased – mainly due to rising material and labour costs since the investment decision was made in 2022. The new line is equipped with a rolling mill capable of withstanding one of the wor...