[Odisha Approves ₹14,000 Crore of Steel Investments by Rungta Mines and Shakambhari Ispat]

The European Commission has published final terms for an Innovation Fund auction worth approximately USD 1.14 billion (around INR 109.2 billion; original budget EUR 1 billion) aimed at decarbonising industrial process heat, with the steel industry explicitly included among eligible sectors. The IF26 Heat Auction will be funded through EU Emissions Trading System revenues and is expected to open for bids in December 2026. Eligible technologies include industrial electrification solutions such as plasma torches, electric boilers, heat pumps and thermal storage; direct renewable heat from sources including solar thermal and geothermal energy; and, for the first time, nuclear technologies including small modular reactors. Successful projects will receive a fixed premium linked to each tonne of direct CO2 emissions avoided for a maximum of five years. The scheme is open to projects of all sizes across the European Economic Area and forms part of the EU's broader Industrial Decarbonisation Bank framework.

Spanish steelmakers have begun temporarily halting output during peak electricity price hours as sharply higher energy costs hit the sector, industry association UNESID said. UNESID estimates extra energy costs of about 749 million USD (658 million EUR) between March and December 2026, of which some 514 million USD (452 million EUR) falls in September-December, versus 206 million EUR accumulated through August. Electricity accounts for about 459 million USD (403 million EUR) and gas for some 290 million USD (255 million EUR). Adjustment services add around 23 USD/MWh (20 EUR/MWh), pushing mills to halt production in the costliest hours; curtailments may grow if prices persist. Q4 electricity is forecast at about 163 USD/MWh (143 EUR/MWh) and gas at 86 USD/MWh (76 EUR/MWh). UNESID urges immediate government measures, including higher compensation for indirect carbon costs and continued grid-charge relief for energy-intensive industries. About 70% of Spanish steel output is exported, two-thirds to other EU markets.

The federal and South Australian governments last year committed 1.6 billion USD (2.4 billion AUD), since raised to about 1.9 billion USD (2.9 billion AUD), to rescue the Whyalla steelworks and fund a green steel future. Last week's confirmation that the blast furnace cannot be saved, though painful for the 500 current employees, shifts focus to that future. Whyalla is among Australia's last integrated iron and steel operations; losing the furnace removes domestic ironmaking capacity and deepens reliance on imported semi-finished steel. The bet rests on hydrogen-based direct reduced iron and electric arc furnace capacity, backed by public funding, renewable power and magnetite ore. Supporters argue the transition is worth the cost; critics doubt green steel can compete on cost.