LUXEMBOURG -- "Steelmakers such as ArcelorMittal have become huge beneficiaries of the European Union's emissions trading scheme, making tens of millions of pounds out of free carbon permits, research shows. Just three plants in Belgium, Spain and Romania, all controlled by Lakshmi Mittal, Britain's richest man, are sitting on 15% of the surplus permits handed out by the EU, according to official figures obtained by the Sandbag environmental campaign group. 'The scale of the benefits enjoyed by the steel industry make it look like the ETS is being used as a hidden subsidy to the sector,' said Bryony Worthington, the founder of Sandbag. The price of carbon has plunged over the last 12 months, partly because the slowdown has reduced output and emissions, but also because the EU handed out too many free permits to industry,"
-- Terry Macalister, The Guardian.