ArcelorMittal’s Decarbonisation Project Secured EIB Funding

SEATTLE (Scrap Monster): The European Investment Bank (EIB) has granted €280m loan to leading steelmaker ArcelorMittal in support of its research and development programmes on decarbonisation over the period from 2021 to 2023 to be carried out at several EU countries. The loan is backed by a guarantee from the European Fund for Strategic Investments.

The above funding will support ArcelorMittal’s proposed capital expenditures in environmental, climate and energy projects. It will help the company to reduce environmental footprints at its manufacturing facilities, thereby enabling it to surpass its ambitious climate action goals. Incidentally, ArcelorMittal Europe has committed to reduce carbon dioxide emissions intensity by 35% by 2030.

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The new investment will support ongoing research and development activities at R&D facilities located in several countries, primarily in France, Belgium, Luxembourg and Spain, noted the company press release.

The investment is expected to play a key role in ArcelorMittal’s carbon footprint reduction strategy and contribute significantly to the European green deal. Furthermore, it will boost the company’s competitiveness and reiterate EU’s leadership position as the global provider of high-quality steel products.