2015年-CEPS欧洲政策研究中心_Assessment_of_Cumulative_Cost_Impact_for_the_Steel_Industry_259页_3mb

报告摘要

Summary of the Assessment of Cumulative Cost Impact for the Steel Industry

Core Content

This report provides a comprehensive analysis of the cumulative cost impact of EU legislation on the European steel industry, focusing on how these costs influence the industry's competitiveness and cost structure. It evaluates the financial burden imposed by various regulatory frameworks, including environmental, energy, competition, and trade policies, and compares them with production costs and margins of the EU steel industry against international competitors.

Main Sections and Key Findings

1. Competitiveness of the EU Steel Industry

Methodology and Data Sources: The study used a framework similar to a "fitness check" to assess the impact of EU legislation on the steel industry.
Production Costs: The report breaks down the production costs for flat and long products, including raw materials, electricity, and gas.
Cost Differentials: The cost differential between EU steel producers and least cost producers is highlighted, showing that EAF producers face higher costs than BOF producers.

2. Cumulative Cost Assessment

Regulatory Costs in 2012: Regulatory costs represented around 3% of the total cost of EAF wire rods and less than 2% for HRCs and CRCs from BOF producers.
Impact on Margins: Regulatory costs accounted for 7% of the price-raw material margin for EAF products and less than 5% for BOF products.
EBITDA Impact: For EAF producers, regulatory costs represented 25% of their EBITDA, while for BOF producers, they ranged between 15% and 33%.
Pro-Cyclical Nature: Regulatory costs are pro-cyclical, varying with economic conditions. In boom years (2006-2008), they were around 7% of EBITDA, while in crisis years (e.g., 2009), they could exceed EBITDA by up to 30%.

3. Methodology for Assessing Cumulative Costs

The methodology includes identifying the cost structure, assessing regulatory costs, and selecting typical facilities for analysis.
The study evaluates the scope of policy areas, including environmental, energy, and trade policies, and their cumulative cost implications.

4. Economic and Technical Analysis of the Steel Industry

Value Chain: The report outlines the value chain of the steel industry, from raw materials to end-use, and discusses production technologies.
Economics of Steel: Highlights the high capital requirements, scale economies, and product substitutability.
EU Steel Market: Analyzes supply, demand, and trade dynamics within the EU.
International Trade: Compares world production and trade flows, with a focus on EU trade patterns.

5. General Policies

The study includes an overview of general policies such as the Europe2020 strategy and their indirect impacts on the steel industry.

6. Financial Markets

Reviews financial regulations such as MiFID and MiFIR, as well as EMIR, and their implications for the steel sector.

7. Climate Change Legislation

EU ETS Overview: Details the phases of the EU Emission Trading System (ETS) and their cost implications.
Compliance and Indirect Costs: Compliance costs for environmental regulations are significant, especially for EAF producers.
Cost Quantification: Regulatory costs for climate change legislation in 2012 were about 2.6 €/tonne for EAF producers.

8. Competition Policy

State Aid: Analyzes state aid to the steel industry from 2002 to 2012, noting that it had a significant impact.
Antitrust Law: Reviews antitrust regulations and their application to the steel sector.
Long-Term Contracts: The impact of long-term electricity contracts on production costs is discussed.

9. Energy Policy

Electricity and Gas Prices: Compares electricity and gas prices across the EU and internationally.
Impact of EU Regulation: Reviews the Third Energy Market Package, RES support schemes, and energy taxation, highlighting their effects on production costs.

10. Environmental Policy

Compliance and Administrative Costs: The report assesses the compliance and administrative costs related to environmental legislation.
Investment and Operating Costs: Environmental protection investments and operating costs are quantified, showing their substantial financial burden.
Administrative Costs: These are significant across all policy areas, especially for BOF producers.

11. Trade Policy

Trade Defense Instruments: Examines the impact of anti-dumping duties and other trade instruments on the EU steel industry.
Chinese Subsidies: Highlights the role of Chinese subsidies in affecting EU competitiveness.

12. Product Policy

Eco-Labeling and Green Procurement: Reviews EU product regulations and their compliance costs.
LCA Methodologies: Discusses the use of life cycle assessment in evaluating environmental impacts.

Key Information

Regulatory Costs: Vary between EAF and BOF producers, with EAF producers facing higher costs due to electricity and RES support.
Cost Differentials: Regulatory costs account for 33.8% of the cost differential for EAF wire rods compared to US producers, and 5.3-5.8% for BOF producers compared to Russian producers.
Economic Impact: Regulatory costs can significantly affect the EBITDA of EU steel producers, with potential implications for industry viability.
Comparative Analysis: The study compares EU regulatory costs with those of international competitors to assess competitiveness.
Policy Areas: Includes a detailed analysis of environmental, energy, competition, and trade policies, highlighting their cumulative cost impact.

Conclusion

The cumulative cost impact of EU legislation on the steel industry is a significant factor affecting its competitiveness. While regulatory costs are relatively low compared to overall production costs, they vary with economic cycles and have a more pronounced effect on EAF producers due to higher electricity intensity and less benefit from ETS over allocation. The report provides a detailed breakdown of costs and their implications, offering insights into the economic and technical challenges faced by the EU steel industry in the context of EU regulations.

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