ArcelorMittal, Luxembourg Agree on Decarbonization
28 September 2022 - 5:05PM
Dow Jones News
By Pierre Bertrand
Luxembourg's economy ministry said late Tuesday that it signed a
memorandum of understanding with ArcelorMittal to support the
steelmaker's investments in decarbonization.
The first tranche of decarbonization projects has an estimated
budget of 100 million euros ($96 million) and includes the
installation of a new electric arc furnace at the company's Belval
steel plant, the ministry said.
The Luxembourg government didn't detail its financial
contribution to the projects, but said it would support the
investments through available funding mechanisms.
The new furnace will improve energy efficiency and boost
ArcelorMittal's annual steel production capacity in Luxembourg by
almost 15% to 2.5 million metric tons, covering the country's needs
for finished rolled products, the ministry said.
A further EUR30 million will be dedicated over the next five
years as the Luxembourg-based company works to make its Bissen site
carbon-neutral, the statement said.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
September 28, 2022 02:50 ET (06:50 GMT)
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