ArcelorMittal [NYSE: MT] Ink MoU with Spain for €1B Investment to Cut Carbon Emissions

ArcelorMittal [NYSE: MT] has inked a Memorandum of Understanding (MoU) with the Spanish government in an attempt to reduce carbon emission. MT will see a €1 billion investment in decarbonization technologies at the ArcelorMittal Asturias plant in Gijón. The investments will cut CO2 emissions at ArcelorMittal’s Spanish operations by up to 4.8 million tonnes, which signifies nearly 50% of emissions, within the next five years.

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Through the MoU, both the MT and Spanish government pledged to reduce carbon emission and move ahead towards the decarbonized steel industry. ArcelorMittal will launch new manufacturing processes that make a significant contribution to a substantial cut of CO2 emissions. It will also further strengthen its R&D capabilities in Spain to provide support for the new project and innovation requisites.

Furthermore, the Government of Spain pledged to encourage reforms and investments to back the development and growth of a strong, more competitive, and sustainable industrial sector, as well as striving to offer maximum financial help for the project, consistent with Spanish legislation and European Union regulations.

Additionally, the operations of ArcelorMittal in Spain are already making a contribution to the cut of CO2 emissions from the steelmaking operations of the firm. Later this year, ArcelorMittal Asturias successfully finalize its project to capture hydrogen-rich coke oven gas and re-inject it into the blast furnace, substituting some of the coke used in the blast furnace.

Moreover, ArcelorMittal Europe has set the target to cut CO2 emissions by 30% by 2030, and an aim to be net-zero by 2050. The firm is chasing two paths to accomplish this goal. The two paths include Innovative DRI and Smart Carbon.