Evangelos Mytilinaeos, Executive President of Metlen, warned during the General Assembly of European Metals in Athens that soaring energy costs and an unstable investment climate risk driving industrial activity out of Europe. He stressed that European industry’s competitiveness is under mounting pressure as electricity prices remain significantly higher than in other global regions—prompting more and more companies to consider investments outside Europe.
A Broader Strategic Risk
Mytilinaeos emphasized that this trend extends beyond manufacturing alone—it directly threatens employment, innovation, and the European Union’s strategic autonomy. ‘Energy and metals are intrinsically linked,’ he said. ‘Investment decisions hinge on electricity pricing. If Europe continues to face elevated energy costs, production, jobs, and innovation will inevitably shift elsewhere. Companies invest where policies foster confidence—not uncertainty.’
He pointed to Metlen’s recent gallium investment as a case in point, underscoring how difficult it remains to launch strategic industrial projects within Europe.
Metals at the Core of EU Strategy
Mytilinaeos noted that the EU has begun treating industry differently than in previous years—recognizing the pivotal role of metals in achieving its strategic goals. ‘Whether we talk about defence, electrification, semiconductors, batteries, renewables, or artificial intelligence—all of these begin with metals. Without them, there is no technological leadership or economic security.’
Gallium Demand Highlights Europe’s Lag
Referencing gallium—a high-tech metal critical for advanced electronics—Mytilinaeos highlighted Europe’s relative weakness in global demand rankings. Japan leads in gallium consumption, followed by the United States and South Korea, while Europe ranks fourth. He also called for EU export duties on scrap metal to curb large-scale exports—primarily to China and India—that undermine domestic recycling and resource sovereignty.
Circular Economy and Energy Costs
Energy costs and the acceleration of the circular economy were central themes in the address of Inge Hofkens, newly elected President of European Metals, who succeeded Mytilinaeos after two terms. Hofkens’ remarks aligned closely with those of James Watson, the organization’s General Director, who acknowledged significant progress in recent years toward creating a more industry-friendly regulatory and policy environment—but stressed that much work remains to secure Europe’s industrial future.