ArcelorMittal has backed the proposed European Green Deal aimed at reducing Europe’s carbon emission to net-zero. The company has called for policies that support the transformation of the steel industry.
ArcelorMittal voiced concerns that the deal will be successful only if there is support to transform steel making into a carbon-neutral industry and remain competitive.
By 2030, ArcelorMittal plans to reduce its carbon emissions by 30pc through its CO2 roadmap, which is in line with the Green Deal. European Commission’ deal aims to integrate economic, regulatory, competition and trade policy to help the environment and make Europe the first carbon-neutral continent by 2050. This includes clean steel making with the use clean power as the energy source for hydrogen-based steel making, and longer term for direct electrolysis steel making.
The European Commission has proposed a €35bn ‘just transition’ fund, to invest in research, innovation and green technology. The deal also calls for a carbon border adjustment which puts a carbon price on imports.