MT - ArcelorMittal gets Euro280M in Belgian aid to decarbonize steel production

2023-06-22 10:22:20 ET

The European Commission said Thursday it approved €280M (~$308M) in aid granted by Belgian to help ArcelorMittal ( NYSE: MT ) decarbonize its steel production.

The EC said a direct grant and a soft loan will go toward the steelmaker's site in Ghent where it operates two blast furnaces, to support the construction of a direct reduction iron plant which, together with a new electric arc furnace, will replace one of the existing blast furnaces.

Natural gas gradually would be phased out from the steel production process and ultimately the plant, which is seen starting operations in 2026 and expected to produce 2.3M tons/year of low-carbon direct reduced iron, will function with hydrogen.

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