Published on Wed, Mar 03, 2010 at 09:28 | Source : Reuters
Updated at Wed, Mar 03, 2010 at 09:43
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ArcelorMittal loses challenge to EU carbon market
The world's largest steelmaker, ArcelorMittal, has no grounds to challenge the European Union's Emissions Trading Scheme, a top EU court ruled on Tuesday.
The world's largest steelmaker, ArcelorMittal, has no grounds to challenge the European Union's Emissions Trading Scheme, a top EU court ruled on Tuesday.
ArcelorMittal said the trading scheme, which sets caps on industry's carbon dioxide emissions, had violated its rights under EU laws.
The steelmaker had sought to have emissions trading laws overturned and to claim damages for the impact on its iron and steel operations.
Arcelor failed to prove the law breached principles of equal treatment, said the EU General Court, previously known as the Court of First Instance.
"Arcelor has not shown that the community legislature committed a sufficiently serious breach of the right of property, the freedom to pursue an economic activity, the principle of proportionality, the principle of equal treatment, freedom of establishment or the principle of legal certainty," the court said in a statement.
