European construction: Green shoots of growth?

Key takeaways

  • Prospects for European cement and steel industries are mostly brighter on expectations of higher infrastructure-, energy- and defense-related spending.

  • Emissions rules are evolving, but our investment professionals believe that the direction of travel toward tighter European regulations is unchanged.

  • Low-carbon cement is commercially available in Europe and met with strong demand, while demand for low-carbon steel has been relatively muted.

  • Cement producers and steelmakers with a thoughtful and well-planned approach to decarbonisation could establish a long-term competitive advantage.

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