ArcelorMittal to receive EUR 1.3 billion in funding from German government for steel production decarbonization
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Update time : 2024-02-07 20:59:06
The world's leading steel manufacturer ArcelorMittal will be helped by the German government with funding of EUR 1.3 billion to reduce carbon emissions during the steel production process and support the company's technological transition at the German mills.
The subsidies will be used to transform its two oxygen mills at the plants in Bremen and Eisenhüttenstadt to DRI/EAF-based production. Steel can be produced by electric arc furnaces with renewable energy. Besides, the company will also increase the use of recycled scrap metal.
This plan will be subject to approval from the European Commission based on state aid rules.
