ArcelorMittal creates new green steel initiative to reduce carbon emissions

The brand will also encompass the roll out of three new products and services. These are called XCarb green steel certificates, XCarb recycled and renewably produced and the XCarb innovation fund, the world's largest steel producer said in a statement.

Aditya Mittal, CEO, ArcelorMittal, said the creation of the brand: "Aims to demonstrate to stakeholders the diverse range of initiatives we are undertaking in pursuit of our 2050 net zero goal while also providing our customers with solutions which help them address their own carbon reduction targets, demonstrating the important role steel has to play in a future, circular economy."

ArcelorMittal Europe has previously estimated the cost of carbon-neutralizing its own footprint by 2050 at between Eur15 billion-25 billion ($18 billion-30 billion) for its Smart Carbon production route initially using carbon capture and storage. Alternatively, the price climbs to Eur30 billion-40 billion using hydrogen in a direct reduced iron-electric arc furnaces.