MT - Spain OK's Euro450M subsidy for ArcelorMittal hydrogen project

2023-04-04 14:54:32 ET

ArcelorMittal ( NYSE: MT ) said Tuesday it will receive a €450M subsidy ($490.7M) from the Spanish government for its circular hydrogen project in in the northern region of Asturias.

ArcelorMittal ( MT ) said the subsidy will be directed to its plan to build a 2.3M-ton green hydrogen direct reduced iron plant in Gijon, which will phase out natural gas from the steelmaking process and replace it with hydrogen.

The plant will substitute one of two blast furnaces at the company's site, the company said.

ArcelorMittal ( MT ) is a global steel leader currently available to investors at a good price, Wolf Report writes in an analysis published recently on Seeking Alpha .

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