ArcelorMittal is a steelmaking company that aims to achieve net zero emissions by 2050. To reach this goal, the company plans to transition from blast furnaces to green hydrogen-based steelmaking in Europe and Canada. However, there is a concern as the company is still building coal-consuming blast furnaces in India. According to the UnivDatos analysis, the surge in the investment of renewable resources and growing energy demand is driven by the global scenario of the green steel market. As per their “green steel Market” report, the global market is at a CAGR of 28.6% during the forecast period from 2023 - 2030 to reach USD 15412.15 million by 2030. 

In 2020, ArcelorMittal Europe announced its CO2 technology strategy to provide its first green steel solutions (30,000 tonnes) to customers. The company intends to scale up this offering in the upcoming years, with a target to reach 120,000 tonnes in 2021 and 600,000 tonnes by 2022. The goal is to reduce CO2 emissions by 30% by 2030 and achieve net zero emissions by 2050.

Recent Investment in Green Steel Development

·  In 2023, ArcelorMittal (MT.LU) secured a round of investment for Boston Metal. The startup received funding of USD 120 million to develop equipment capable of reducing greenhouse gas emissions in the steel production process. The company aims to take this equipment to market by 2026.

·  In 2022, ArcelorMittal's XCarb Innovation Fund has committed almost $200 million to support startups. As part of this effort, the fund provided $17.5 million to Form Energy, a US-based energy storage technology provider, in their $450 million series E funding round.

Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/green-steel-market?popup=report-enquiry

Subsidies Provide to Arcelor to Promote Green Steel

In 2023, the European Commission provided a total of USD 3.20 billion in subsidies to support the efforts of ArcelorMittal and Thyssenkrupp, the two largest steelmakers in Europe, in reducing carbon emissions. Specifically, Spain plans to grant USD 491 million to partially decarbonize ArcelorMittal's steel production plant in Gijón, while Germany will provide €55 million to the Luxembourg-based company's green steel demonstration plant in Hamburg.

Conclusion

ArcelorMittal's recent investment and subsidized grants in green steel demonstrate the company's commitment to sustainable practices and environmental stewardship. As a global steel manufacturer, this initiative shows their proactive approach to reducing carbon emissions, promoting cleaner production methods, and addressing climate change challenges.

By investing in green steel technologies, ArcelorMittal aims to minimize the environmental impact of its operations and play a crucial role in the transition towards a low-carbon economy. The adoption of eco-friendly practices not only benefits the environment but also aligns with the increasing consumer demand for sustainable products. Additionally, the provision of subsidized grants reflects ArcelorMittal's dedication to supporting and accelerating the development of green steel. These grants enable the company to collaborate with researchers, innovators, and stakeholders in the industry to drive advancements in sustainable steel production.

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