Climate Action - Companies are shifting from "greenwashing" (making empty promises) to "greenhushing" (decarbonizing quietly) [1] - Companies are focusing on decarbonization efforts without public fanfare [1]

Summary of the Conference Call on Steel Industry - July 2025 Industry Overview - The steel industry is currently experiencing a lackluster demand environment in Europe, despite some supportive trade measures and potential increases in defense and infrastructure spending [9][10] - The demand for carbon steel is expected to remain weak, with no clear signs of recovery anticipated in 2025 [9][10] - Stainless steel demand is also expected to lag behind carbon steel due to its later-cycle nature, with no inflection predicted for 2025 [9][10] Key Insights - **Demand Conditions**: Demand conditions in Europe are weak, leading to a continued erosion of EU Hot-Rolled Coil (HRC) spreads, which have fallen below historical averages [9][10] - **Equity Ratings**: Steel equities have seen a sharp re-rating, with shares outpacing fundamentals, particularly for companies like thyssenkrupp and Salzgitter, which diminishes their risk-reward appeal [9][10] - **Preferred Companies**: - **Carbon Steel**: voestalpine is favored due to its resilient EBITDA/t and manageable decarbonization investments [10] - **Stainless Steel**: Acerinox is preferred for its strong earnings profile supported by US exposure and high-margin alloys business [11] Financial Performance - The steel sector is trading at approximately a 34% discount to its historical average on EV/normalized EBITDA, but consensus earnings downgrades for 2025 are anticipated [9][10] - Companies like thyssenkrupp have seen their shares double year-to-date, but the valuation appears stretched with a 20-30% premium to their sum-of-the-parts (SotP) valuation [10] Market Dynamics - **Construction and Automotive Demand**: These sectors are identified as key demand drivers for steel, but current indicators suggest a slowdown in growth [21][22] - **Global Steel Production**: The center of gravity for global steel production is shifting towards Asia, with significant production expected from China [19][27] Trade and Inventory Insights - EU steel imports are heavily influenced by countries like Turkey, South Korea, and China, with specific quotas set for various products [81][87] - Steel inventories across the value chain are being monitored, with US steel inventory indexed to January 2019 showing fluctuations [71] Economic Indicators - The construction confidence indicator in the EU has shown a decline, reflecting lower confidence in the sector [38] - In China, cement production growth has been negative, indicating potential challenges in construction-related steel demand [43] Conclusion - The steel industry is currently in a phase of waiting for a demand inflection, with key indicators suggesting continued weakness in both carbon and stainless steel markets. The focus remains on managing costs and navigating the challenging demand landscape while identifying potential investment opportunities in resilient companies like voestalpine and Acerinox [9][10][11]

HORSHAM, United Kingdom, July 28, 2025 (GLOBE NEWSWIRE) -- Ceres Power Holdings plc (CWR.L, "Ceres" or the "Company"), a leading developer of clean energy technology, and the Doosan Corporation announce that Doosan Fuel Cell has commenced mass market production of fuel cell stacks using Ceres' solid oxide technology. Doosan Fuel Cell will manufacture the stacks and fuel cell power systems at its dedicated factory in South Korea with the ability to produce a combined generational capacity of 50MW of electric ...

“The goal—a decarbonised and globally competitive European auto industry—is within reach,” argues Ola Källenius. But “the next 12 months will be decisive”, he warns https://t.co/rvnCDoLx9k ...

“The goal—a decarbonised and globally competitive European auto industry—is within reach,” argues Ola Källenius. But “the next 12 months will be decisive”, he warns https://t.co/t83af5nH8A ...

Decarbonisation Strategy Concerns - The EU's decarbonisation strategy is seen as inadequate in addressing the existing European car fleet [1] - A change is needed in three areas regarding the EU's decarbonisation strategy [1]

Decarbonization Technology - The technology has the potential to decarbonize industries that are difficult to clean up [1]

Core Viewpoint - Vow ASA has successfully completed the sale of its shares in Vow Green Metals AS, receiving net proceeds of NOK 35.1 million and fully repaying a convertible loan of NOK 22.5 million [1][2][3] Financial Summary - Vow ASA received NOK 35.1 million from Midas Industri AS for 50,173,890 shares at an offer price of NOK 0.70 per share [2] - The proceeds were utilized for an additional installment on a term loan with DnB [2] - The convertible loan of NOK 22.5 million, used to finance costs related to VGM's termination with Obligo, has been fully repaid [3] Company Operations - Vow ASA focuses on preventing pollution through advanced technologies that convert biomass and waste into valuable resources and clean energy [4][5] - The company is a leader in wastewater purification and valorisation of waste, enabling industries to transition towards a fossil-free future [6] - Vow ASA holds strong positions in food safety, robotics, and heat-intensive industries with a decarbonising agenda [6]

Company Overview - Vow ASA and its subsidiaries, including Scanship, C.H. Evensen, and Etia, focus on preventing pollution through innovative solutions that convert biomass and waste into valuable resources and clean energy [2] - The company is a leader in wastewater purification and waste valorisation in the cruise market, providing technologies that facilitate the transition to a fossil-free future [2] - Vow's advanced technologies enable decarbonisation and material recovery across various industries, converting materials such as biomass, sewage sludge, plastic waste, and end-of-life tyres into clean energy and low carbon fuels [2] Recent Developments - Ulf Tore Hekneby, a close associate of Vow ASA's CFO, Cecilie Brænd Hekneby, has acquired 81,311 shares, increasing the total shares owned by him and his close associates to 2,351,311 [1]

Core Insights - Touax has secured a €50 million green loan from the European Investment Bank (EIB) aimed at enhancing its freight railcars business, aligning with climate action initiatives [2][7] - The loan, with a term of 14 years, provides financial stability for Touax's long-term investment plans, supported by the EU's InvestEU programme [3][4] - The EIB's backing is part of a broader strategy to promote sustainable transport and reduce CO2 emissions by facilitating the transition from road to rail freight [4][9] Company Overview - Touax Group is a leading European player in leasing tangible assets such as freight railcars, river barges, and containers, managing €1.3 billion in assets [6] - The company is listed on the Euronext stock market in Paris and is included in various indices such as CAC® Small and CAC® Mid & Small [6] Financial Structure - Touax has developed an innovative financial structure that combines existing debt from commercial banks with new debt from the EIB to support its investment cycle [4]