The study presented in this report was undertaken to better understand the implications of enacting a climate policy for the energy-intensive manufacturing sector. Specifically, the study examined the impacts of energy price changes resulting from CO2-pricing policies on the competitiveness of five energy intensive industries–iron and steel, aluminum, paper and paperboard, chlor-alkali, and petrochemicals–that are among the largest industrial consumers of fossil fuels in the American economy. The study also conducted a preliminary evaluation of potential options to mitigate these impacts.