• Friday, September 17, 2021
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UK Corona Update 
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India corona update 
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Total Cases 33,347,325
Today's Fatalities 431
Today's Cases 30,570

Business

ArcelorMittal signs deal with Spain to set up green steel plant

(Photo: Tom Mihalek/Getty Images).

By: Shilpa Sharma

STEEL and mining giant ArcelorMittal has inked a memorandum of understanding with the Spanish government for a €1 billion (£853 million) investment to set up the world’s first large-scale zero-carbon steel plant.

The company plans to build a unit that will process iron ore using green hydrogen at its plant in Gijon, Bloomberg reported, quoting a statement from the firm’s spokesperson.

The metal thus produced will be then supplied to a mill in Sestao to produce 1.6 million tons of carbon-free steel using renewable electricity.

The project will see the commissioning of the world’s biggest green steel plant by 2025 and will be a step towards decarbonising the steel industry.

Steelmaking involves burning billions of tons of coal that lead to huge carbon dioxide emissions. Upgrading to zero-carbon production requires massive investment.

“This is a project that will require the support of many different partners to succeed,” ArcelorMittal chief executive officer Aditya Mittal said.

“Our plan hinges on the supply of affordable, mass-scale hydrogen, access to sustainable finance and a supportive legal framework that allows us to be competitive globally,” he said.

Meanwhile, Spain’s contribution to the project is not clear as yet.

Spain’s minister of Industry Maria Reyes Maroto said the government was exploring regulatory instruments to support industry in decarbonising.

The EU is expected to unveil a series of measures this week to meet its ambitious 2030 climate plan, which aims to reduce emissions by 55 per cent from their 1990 levels.

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