MT - ArcelorMittal Spain sign MoU for Euro1B investment to cut carbon emissions

ArcelorMittal ([[MT]] -1.8%) says it signed a memorandum of understanding with the Spanish government for a €1B ($1.2B) investment to build the world's first large-scale zero-carbon steel plant.The company would build a unit that processes iron ore using green hydrogen at its plant in Gijón, which would then supply a mill in Sestao that would use renewable electricity to produce 1.6M metric tons/year of carbon-free steel.The DRI installation in Gijón also would enable Sestao to become the world's first full-scale zero carbon-emissions steel plant.ArcelorMittal says its investment would cut emissions at its Spanish operations by as much as 4.8M tons, or 50% of emissions, within the next five years.Credit Suisse analyst Curt Woodworth recently said "the rebirth of the U.S. steel sector is a real event" that justifies further upside for some of the stocks in the group.

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ArcelorMittal, Spain sign MoU for €1B investment to cut carbon emissions