EAF - ArcelorMittal Canada plan C$1.77B spending on decarbonization

ArcelorMittal (MT -0.7%) and Canada's government unveil plans to spend C$1.77B (US$1.42B) on decarbonization technologies at the company's Dofasco's plant in Ontario, with the aim of reducing annual CO2 emissions by 3M tons - or ~60% of emissions - within the next seven years. The Hamilton plant would transition away from the blast furnace-basic oxygen furnace steelmaking production route to the direct reduced iron and electric arc furnace production route, which carries a significantly lower carbon footprint. ArcelorMittal says it will introduce new manufacturing processes that contribute to reducing CO2?emissions and deliver other impacts including the elimination of emissions and flaring from coke making and ironmaking operations. The Canadian government has committed to a C$400M investment in the project, while the company is in discussions with Ontario's provincial government. Yesterday, ArcelorMittal reported its best earnings quarter since 2008 and raised its steel demand guidance.

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ArcelorMittal, Canada plan C$1.77B spending on decarbonization