最近，欧洲那边有一份欧盟委员会内部流出的表格，被披露出来，布鲁塞尔费尽心机搭建的绿色铁幕，当下，正遭遇 着来自算术层面的尴尬瓦解。 为2026年1月1日正式施行的碳边境，调节机制（CBAM）提供执法依据，这份文件会把针对中国、巴西等国家进口商 品的碳排放，默认值全部列出来。 可是，当这一批原本被当作惩罚性手段的数字呈现，在欧洲工业巨头面前时，他们的第一反应不是庆幸，而是惊慌。 在欧盟原先的剧本之中，CBAM是一套极其完美的闭环逻辑，设定一个格外高的默认排放值，让那些污浊的出口商， 要么缴纳昂贵的碳关税，要么耗费大量钱财去进行繁琐的碳足迹认证，这原本是一根，用来驱赶落后产能的大棒。 不过，瑞典绿色钢铁制造商Stegra的高管，们在审阅草案之后发现了一件让其们惊讶的情况，欧盟委员会计算出的中 国钢铁，碳排放默认值，比欧洲本土一些正在运行的生产线还要低。 这并非仅仅是技术统计中的乌龙，这是欧洲保护主义叙事的逻辑走向破灭 以欧洲化肥协会所代表的利益集团原本，还幻想着每吨80欧元的合规成本能成为保护自身的屏障，却没料想布鲁塞尔 的官僚，们用官方数据盖章认可了竞争对手的能效优势。 这种情况的出现，并非是因为欧盟对华突然有 ...

Financial Data and Key Metrics Changes - POSCO Holdings recorded consolidated revenue of KRW 17.3 trillion and operating profit of KRW 640 billion, showing improvement in operating profit for three consecutive quarters despite losses at POSCO E&C [1][3] - The operating profit margin for the quarter was 6.6%, driven by increased sales volume and proactive cost-cutting efforts [1][8] - Operating profit increased from KRW 322 billion in Q4 of the previous year to KRW 585 billion in Q3 of this year, despite a 1.7% drop in revenue due to declining sales prices [7][8] Business Line Data and Key Metrics Changes - In the steel sector, production volume increased by 4.9%, but sales prices dropped by approximately KRW 25,000 per ton, leading to a decline in revenue [8] - In rechargeable battery materials, losses narrowed significantly quarter-over-quarter due to increased cathode sales volume and a rebound in lithium prices [2][10] - POSCO E&C faced a one-time cost of KRW 288.1 billion due to the Sinansan incident, with an additional KRW 230 billion expected in Q4 [10][11] Market Data and Key Metrics Changes - The domestic steel market is normalizing, but imports have flooded the market prior to the anti-dumping ruling, affecting sales prices [8][9] - Overseas steel profits are expected to decline moderately due to slow performance in Mexico and other rolling mills, while profits in India shrank due to major repairs [9] - The lithium market is anticipated to see a price increase, with expectations of reaching $10-$15 per ton next year [30][51] Company Strategy and Development Direction - POSCO Group is focused on creating a safe workplace through comprehensive safety management innovations and plans to establish a group-wide safety master plan [3][6] - The company aims to ramp up new plants and improve process efficiency in lithium operations while ensuring disciplined execution to avoid additional costs [2][29] - Future investments will prioritize growth markets in the U.S. and India, with a focus on environmental investments and potential M&A opportunities [28][29] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complexities in the external environment and expressed optimism for a recovery in steel profits in 2026 compared to the current year [9][11] - The company plans to address uncertainties related to the EU's Carbon Border Adjustment Mechanism (CBAM) and is committed to reducing its carbon footprint [20][21] - Management expects to return to normal levels of profitability in POSCO E&C next year after accounting for one-off losses [11] Other Important Information - POSCO Group has completed 63 portfolio management projects, generating KRW 1.4 trillion in cash [7] - The company has launched a safety task force and is implementing new safety technologies and practices to prevent future incidents [5][6] Q&A Session Summary Question: Steel market outlook for Q4 and guidance for next year - Management indicated that the impact of anti-dumping measures would be difficult to assess immediately due to prior imports and expected seasonal demand fluctuations [18][19] Question: Response to carbon-related costs and EU regulations - Management is developing guidelines to counter the CBAM initiative and is focused on reducing carbon emissions while engaging with the EU [20][21] Question: Update on Alaska LNG project and its impact on sales volume - The project is under review, and if realized, it could supply about 300,000 tons of steel from 2026 to 2028 [23] Question: Mid to long-term steel strategies and investment plans - Management confirmed plans to increase overseas capacity and shut down non-competitive domestic facilities while exploring new growth areas [27][28] Question: Update on lithium demand and production - Lithium demand is expected to rise significantly, with projections of 1.3 million tons of production next year, driven by EVs and other applications [45][51]

Financial Data and Key Metrics Changes - POSCO Holdings recorded consolidated revenue of 17.3 trillion and operating profit of 640 billion, showing improvement in operating profit for three consecutive quarters despite losses at POSCO E&C [1][2] - The operating profit margin for the quarter was 6.6%, driven by increased sales volume and proactive cost-cutting efforts [1][8] - Operating profit for POSCO improved from 322 billion in Q4 of last year to 585 billion in Q3 of this year, despite a 1.7% drop in revenue due to declining sales prices [7][8] Business Line Data and Key Metrics Changes - In the steel sector, production volume increased by 4.9%, but the average selling price dropped, leading to a decrease in revenue [8] - In rechargeable battery materials, losses narrowed sharply quarter-over-quarter due to increased cathode sales volume and a price rebound in lithium operations [2][10] - POSCO E&C faced significant one-time costs of 288.1 billion due to the Shenzhen incident, with an additional 230 billion expected in Q4 [10][64] Market Data and Key Metrics Changes - The domestic steel market demand is slowing, with imports flooding the market prior to the AD ruling, impacting sales prices [8][20] - Overseas steel profits are expected to decline moderately due to poor performance in Mexico and India, while steady performance is anticipated in Indonesia and Vietnam [9][10] - The lithium market is projected to see increased demand, with expectations of 14 million EVs next year, leading to a potential increase in lithium prices [51][52] Company Strategy and Development Direction - POSCO Group is focused on creating a safe workplace through comprehensive safety management innovations and plans to establish a safety master plan [3][6] - The company aims to ramp up new plants and improve process efficiency in lithium operations while ensuring disciplined execution to avoid additional costs [2][31] - Future investments will prioritize environmental projects and overseas capacity additions, particularly in high-growth markets like the U.S. and India [30][31] Management Comments on Operating Environment and Future Outlook - Management acknowledged the complexities of external uncertainties affecting the operating environment and expressed optimism for a recovery in steel profits in 2026 [1][9] - The company is preparing for the implementation of the EU's Carbon Border Adjustment Mechanism and is actively developing strategies to mitigate its impact [21][22] - Management expects to return to normal profitability levels in POSCO E&C by next year after accounting for one-time losses [10][64] Other Important Information - POSCO Group has restructured seven projects, generating 400 billion in cash, and completed 63 projects since early 2024, generating 1.4 trillion in cash [7] - The company is committed to enhancing safety measures and has launched a task force to improve workplace safety [4][5] Q&A Session Summary Question: Steel market outlook for Q4 and anti-dumping effects - Management indicated that the impact of anti-dumping measures would be difficult to assess immediately, but they expect some positive effects from the real estate market in late Q4 [19][20] Question: Response to carbon-related costs and EU regulations - Management acknowledged the potential increase in costs due to the EU's Carbon Border Adjustment Mechanism and emphasized ongoing communication with the EU to address uncertainties [21][22] Question: Update on Alaska LNG project and its impact - The project is under review, and if realized, it could supply about 300,000 tons of steel, with operations expected between 2026 and 2028 [24] Question: Mid to long-term steel strategies - Management confirmed plans to increase overseas capacity and shut down non-competitive domestic facilities while focusing on new growth areas [28][30] Question: Update on lithium operations and market demand - Management reported that ramp-up for lithium operations is expected to be completed by early next year, with anticipated increases in lithium prices and demand [55][59]

Group 1: Company Commitment and Investments - ArcelorMittal is dedicated to reducing carbon emissions in France, collaborating closely with the government for support [1] - The company plans to build its first electric arc furnace (EAF) in Dunkirk, with a significant investment of approximately €1.2 billion [4] - A broader investment strategy of €2 billion aims to strengthen ArcelorMittal's presence in France, including recent investments of €254 million for Dunkirk and €53 million for Fos [5] Group 2: Industry Context and Challenges - The European steel sector is facing its most severe downturn since the 2009 financial crisis, leading ArcelorMittal to postpone some decarbonization initiatives [2] - Updated steel safeguard measures effective from April 1, 2025, are seen as a positive step, but a more robust framework is needed to ensure fair competition [3] Group 3: Financial Performance - ArcelorMittal's shares have increased by 17.6% over the past year, contrasting with a 36.7% decline in the industry [6] - For 2025, capital expenditures are projected to be between $4.5 billion and $5 billion, with $1.4 billion to $1.5 billion allocated for strategic growth and $0.3 billion to $0.4 billion for decarbonization projects [7]

Core Insights - Scatec ASA signed a 25-year USD-denominated Power Purchase Agreement (PPA) with Egypt Aluminium for a 1.1 GW Solar PV and 100 MW/200MWh Battery Energy Storage System (BESS) project in Egypt, backed by a sovereign guarantee [1][2] Group 1: Project Details - The solar PV + BESS project aims to support Egypt Aluminium's decarbonization efforts and compliance with the EU's Carbon Border Adjustment Mechanism (CBAM) set to be implemented in 2026 [2] - The total estimated capital expenditure for the project is approximately USD 650 million, with around 80% funded by non-recourse project debt and the remainder by equity from Scatec and partners [5] - Scatec will act as the designated EPC service provider, responsible for about 90% of the total capex, and will also provide asset management and operations and maintenance services [5] Group 2: Strategic Importance - This project marks the first utility-scale PPA in Egypt with an industrial offtaker, highlighting Scatec's leadership in the renewable energy sector within the country [4] - The project is expected to reach financial close and commence construction within the next 12 months, pending land allocation, grid connection finalization, and financing [3]