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| ArcelorMittal |
ArcelorMittal has secured substantial financial support from the German government for decarbonization projects at its Bremen and Eisenhüttenstadt steel plants.
Robert Habeck, Germany's Federal Minister for Economic Affairs and Climate Protection, announced on April 4 the approval of funding for ArcelorMittal's projects. With this approval, approximately €1.3 billion (approximately $1.4 billion) will be invested in the construction of an Electric Arc Furnace (EAF) and Direct Reduced Iron (DRI) plant in Bremen and two EAFs in Eisenhüttenstadt.
Upon completion of the projects, ArcelorMittal will produce more than 3.8 million tons of carbon-neutral steel annually in Germany. The new power plants needed to power the electric arc furnaces are expected to be operational by 2026.
In addition, the European Commission approved funding for ArcelorMittal's decarbonization projects in February.
