EU Approves EUR1 Billion German Measure for Salzgitter Decarbonization
05 October 2022 - 2:29AM
Dow Jones News
By Ed Frankl
European Union lawmakers approved Tuesday a EUR1 billion ($982.5
million) German funding measure for steel company Salzgitter AG to
decarbonize production.
Once operations start in 2026, the project is expected to avoid
the release of 3.6 million metric tons of carbon dioxide annually
through steel production using renewable hydrogen, the European
Commission said in a statement.
The aid from the German state, in the form of a direct grant,
will support the construction and installation of a
direct-reduction plant and electric-arc furnace, replacing one of
the blast furnaces currently operated by Salzgitter in the city of
the same name in Lower Saxony, it said.
The measure will also help reduce dependence on Russian fossil
fuels, the Commission said, imports of which have come under
pressure since Russia's invasion of Ukraine.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
October 04, 2022 11:14 ET (15:14 GMT)
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