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Steel News May 19, 2020 08:00:40 PM

ArcelorMittal Announces Receipt of EUR 75 Million EIB Loan

Paul Ploumis
ScrapMonster Author
The fund will be utilized towards construction of two ground-breaking projects-Steelanol and Torero- at ArcelorMittal Ghent, Belgium plant.
ArcelorMittal Announces Receipt of EUR 75 Million EIB Loan

SEATTLE (Scrap Monster): The European Investment Bank (EIB) has granted a loan of EUR 75 million to steelmaker ArcelorMittal in support of two projects aimed at reducing CO2 emissions. The loan is financed under Horizon 2020 and the NER 300 funding programme of the European Commission.

The fund will be utilized towards construction of two ground-breaking projects-Steelanol and Torero- at ArcelorMittal Ghent, Belgium plant. The scaling up of breakthrough technology is expected to result in a reduction of up to 350,000 tonnes of carbon dioxide emissions, by converting waste and by-products into valuable new materials, in line with the EU’s climate objectives.

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The demonstration plant, as part of the EUR 165 million Steelanol project, captures waste gases from the blast furnace and convert them into recycled-carbon ethanol. The project is expected to create up to 500 construction jobs over the next two years and up to 30 new permanent direct jobs. The anticipated completion date of the project is 2022.

The EUR 50 million Torero project comprises of construction of a large-scale demonstration plant for conversion of waste wood into bio-coal. The installation is expected to create nearly 70 external jobs and around 10 new permanent direct jobs. The plant is expected to become operational by end-2022.