Europe's steelmakers are locked in a high-stakes battle over the future of the EU's carbon market. Integrated producers like ArcelorMittal & Thyssenkrupp want a freeze on rising carbon costs, while greener rivals such as SSAB & Outokumpu say that would destroy the financial case for clean steel investment. Carbon Border Adjustment Mechanism data shows import costs could approach the base price of steel itself by 2034, making the outcome of this policy debate critical for both climate targets & industrial competitiveness.