ArcelorMittal to Get $491 Million Spanish Subsidy for Hydrogen Plant
05 April 2023 - 3:13AM
Dow Jones News
By Pierre Bertrand
ArcelorMittal will receive a 450 million euro ($490.7 million)
subsidy from the Spanish government for its circular-hydrogen
project in Asturias, in the north of the country.
The subsidy will go toward ArcelorMittal's plan to build a 2.3
million-ton green-hydrogen direct reduced iron plant in Gijon, a
company spokesman said.
A spokeswoman for the Spanish government said during a press
conference Tuesday that the Luxembourg-based steelmaker was to
receive the aid for the project, which will support more than 6,000
jobs and would be the first of its kind in Spain.
The plan is to have the plant start operating by the end of
2025. Natural gas will be phased out of the steelmaking process and
replaced with hydrogen.
The plant will substitute one of two blast furnaces at the
company's site, the spokesman said.
The subsidy award follows the European Commission's approval of
the Spanish subsidy plan in February 2023. The Spanish government
pledged financial assistance in an agreement with ArcelorMittal
back in June 2022.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
April 04, 2023 12:58 ET (16:58 GMT)
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