ArcelorMittal Gets $308 Million in Belgian State Aid to Decarbonize Steel Production
22 June 2023 - 11:31PM
Dow Jones News
By Pierre Bertrand
The European Commission on Thursday approved 280 million euros
($307.7 million) in Belgian state aid designed to help
ArcelorMittal decarbonize its steel production.
A direct grant and a soft loan will to go toward the
Luxembourg-based steelmaker's site in Ghent where it operates two
blast furnaces, the Commission said.
The funds will be used to support the construction of a direct
reduction iron plant which, along with a new electric arc furnace,
will replace one of the company's blast furnaces, the Commission
said.
Natural gas will gradually be phased out from the steel
production process and ultimately the plant, envisioned operational
in 2026 and expected to produce 2.3 million tons of low-carbon
direct reduced iron a year, will function with hydrogen.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
June 22, 2023 09:16 ET (13:16 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
ArcelorMittal (EU:MT)
Historical Stock Chart
From Jun 2024 to Jul 2024
ArcelorMittal (EU:MT)
Historical Stock Chart
From Jul 2023 to Jul 2024
