London Stock Exchange Revival boosts Industry Confidence, Says Steel Industry Leader
BRUSSELS – A resurgence of the London Stock Exchange (LSE) is contributing too a more positive outlook for European industry, according to Evangelos Mytilineos, head of Greek industrial conglomerate METLEN. Speaking to the BBC, Mytilineos highlighted the impact of high energy costs on European businesses, warning that a lack of honest discussion about the financial burden of the green transition is fueling political resistance to climate measures.
Mytilineos revealed that hundreds of METLEN’s members, particularly those with high energy consumption, have been forced to close in the last three years due to unsustainable energy prices. “We have hundreds of members. A large number of the most electro-intensive have gone out of business in the last three years. All of them becuase of the price of energy. They just cannot be competitive. It’s as simple as that,” he stated.
he expressed support for the green transition but criticized politicians for failing to adequately communicate the scale of investment required. “The question should have been, are you prepared accepting the fact that 30% of your salary for the next 30 years would have to be spent in the green transition, and then maybe the answer would have been very different,” Mytilineos said.
The industry leader noted a growing appeal of politically charged rhetoric questioning climate change, citing US President Donald Trump’s recent UN speech where he labelled climate change the “greatest con job ever perpetrated on the world.” Mytilineos warned this messaging is influencing the rise of right-wing parties in Europe, possibly leading to increased blockage of energy transition measures. He advocates for a more transparent and realistic debate about the costs and feasibility of achieving climate goals. “We have to measure the needs of the societies and the means of achieving our goal, what we have, and how do we get there?”
looking ahead, Mytilineos expressed optimism about a potential deal between the UK and EU regarding steel tariffs. the EU is proposing a 50% tariff on all steel imports,including those from the UK,starting in June of next year. He believes improved cooperation on defense has fostered a more amicable relationship, stating, “My take from Brussels is the climate towards the UK is much friendlier than it was three, four or five years ago. The fact that the UK is very willing to support Europe on the defence side – I think the climate is much warmer now to make a deal on these issues.”
