They argue against allowing foreign companies to acquire American entities, asserting that it undermines established trade protections.

The charge levied by the UK CBAM hinges on the carbon emitted during production and the difference in carbon pricing between the country of origin and UK producers.

POSCO, a leading steelmaker in Korea, faced accusations of mislabeling its steel as "eco-friendly" while using coal-fired blast furnaces.

In line with earlier announcements, Periama Holdings LLC, a subsidiary of an undisclosed corporation, has recently concluded the acquisition of the remaining 10% stake in JSW Steel (USA) Inc.

Electric steelmaking, a highly energy-intensive industry branch, was particularly affected, recording a slump of 11 percent to a record low of 10.1 million tonnes.

Clean coal usually means capturing carbon emissions from burning coal and storing them in underground pockets of porous rock.

Looking ahead, growth in steel demand is expected to pick up in industries such as machinery, automobiles, energy, shipbuilding, home appliances, and containers, while the demand in construction and hardware industries is projected to decrease.

Jishi, a tunnel boring machine (TBM), was put into use on Sunday in China's underground iron mine construction in Anshan city, Northeast China's Liaoning province, Liaoning Daily reported.