ArcelorMittal To Delay Green Steel Investments in the EU

The steelmaker cited that green hydrogen is evolving at a very slow pace as a viable source of fuel.

SEATTLE (Scrap Monster): An update on ArcelorMittal's decarbonization efforts for the EU region was released. The corporation has chosen to delay its planned green steel investments in the area, according to a news statement. It mentioned unfavorable market conditions and ambiguity around EU regulatory directives.

The business has previously stated that it would invest in 'hydrogen ready' DRI-EAF plants with lower carbon emissions in order to replace a number of blast furnaces throughout the region. These initiatives, which are seen to be the first step in lowering total emissions, were supported financially by the host nations. However, it stated that the commercial, energy, and regulatory situations in Europe have not changed for the better.

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According to the steelmaker, green hydrogen is developing as a fuel source extremely slowly. Furthermore, DRI production based on natural gas has not yet become a viable option. Additionally, it pointed up flaws in trade protection policies and the carbon border adjustment mechanism (CBAM). Furthermore, the business observed that consumers are often hesitant to pay more for steel with lower carbon emissions.

Due to a significant decline in client activity in the industrial and automotive sectors, ArcelorMittal issued a warning that it may close two of its service centers in France, located in Reims and Denis. Almost 130 employment will probably be impacted by the decision.

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