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"The key to new quality productive forces lies in the profound transformation and upgrade of industries," Dai stressed.

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But demand for long steel products is set to remain subdued, given the poor demand outlook from the construction sector, Zuo added.

The CBAM puts a price on the carbon emitted during the production of carbon intensive goods entering the EU. It started trial operation in October last year, and will be implemented from 2026 onward.

Many companies in what are considered to be sunset industries have actually regained their vitality through innovation and transformation.

Established with a donation of $5.81 million from Vale, the joint laboratory will be open to all the researchers from the mining and steel industry from today, it said.