Three European steel giants have attacked the EU Emissions Trading System (EU ETS), warning that without “pragmatic” reform the mechanism “risks destroying Europe’s industrial base”. The joint call came from ArcelorMittal Europe, Thyssenkrupp Steel, and Voestalpine, which together represent about 60 percent of Europe’s integrated steel production. In April, chemical giant BASF CEO Markus Kamieth described the EU ETS as “obsolete”, accusing it of putting the region’s businesses at a “significant competitive disadvantage” against global rivals.