MT - ArcelorMittal's wins French government backing for Euro1.7B decarbonization push

Arcelor Mittal (NYSE:MT) said the French government will support its decarbonization plan, which includes investments in facilities at the company's sites in Fos-sur-Mer and Dunkirk, worth €1.7B ($1.95B). ArcelorMittal said the investment will help achieve its goal of cutting carbon emissions from producing steel by nearly 40%, or 7.8M metric tons/year, by 2030. The steelmaker said it plans to install an electric arc furnace in Fos-sur-Mer, using the electric power grid rather than coal, while banking on hydrogen, combined with an electric furnace, at the Dunkirk site. The announcement follows ArcelorMittal's agreement last year with the Spanish government for €1B of investments in decarbonization.

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ArcelorMittal's wins French government backing for €1.7B decarbonization push