The head of trading group Trasteel has issued a stark warning about Europe's steel future. Gianfranco Imperato says the European Union's carbon border mechanism could cost five billion euros a year. He believes this cost will be passed entirely to consumers, pushing steel prices higher. Imperato also warned that Chinese steel imports have simply been replaced by Chinese cars. He criticised the use of carbon taxes instead of helpful subsidies for producers. Finally, he predicted that steel is becoming a regional market in a new post-globalization era.