Steel Giant Arcelore Mittal In Line For A £1 Billion Windfall Thanks To Cap & Trade

Steel Factory

If ever there were an opportunity for some good, green karma, it would be now, for steel giant Lakshmi MIttal, owner of ArcelorMittal.

Or they could turn a profit of an estimated £1 Billion.

Treehugger.com reports that, thanks to an estimated 14 million emissions permits that Arcelor won’t need, the steel powerhouse can now sell them on the EU Carbon Trading Market and really clean up, financially that is.

Representing the dissenting side of the matter is Sandbag, an NGO “created to monitor emissions trading schemes and work to lower the amount of available permits in the market,” which has proposed that Mittal cancel or retire the permits, thereby reducing emissions by 14 million. Such a reduction would be equivalent to the annual emissions of Denmark, where the Copenhagen talks are taking place this week. Is it ironic? Yes. Will Arcelor do the right thing? We’re betting no.

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