Steel raps climate change accord, cites hefty financial load

Dec 21, 2009 | 10:30 AM | Scott Robertson

A climate-change accord that emerged from two weeks of meetings in Copenhagen isn't much of a deal, according to global steel industry leaders, who believe the non-binding framework agreement fails to address its stated goal of reducing worldwide emissions.

Most believe the heavy financial burdens attached to the accord would do nothing to help global manufacturing industries, including steel and other metals, and ultimately would threaten global competitiveness of those and other industries.

"It is difficult to understand Copenhagen when there are such serious and obvious flaws," said Thomas A. Danjczek, president of the Steel Manufacturers Association (SMA), Washington. "Copenhagen never addressed emission reduction, only capital redistribution. If the ultimate reduction is similar to Waxman-Markey, the U.S. is projected over the next 18 years to reduce its GDP (gross domestic product) by $3.1 trillion, lose 2.4 million jobs and raise electrical rates by at least 50 percent. How can the U.S., a debtor nation, commit $100 billion? Shakespeare had it right: Something is rotten in Denmark."....